|Information on Immigration, Investment, Education and Residence|
|How do new immigrants check their credit scores?
Some websites can query credit scores for free, but they use algorithms similar to FICO to calculate scores.
Although not exact scores, they generally fluctuate up and down to no more than 50.
If you have a Discovery card, your monthly statement will have your FICO score on it.
In addition, U.S. law provides that each person can get a free copy of your credit record from each of the three credit record companies (excluding credit scores and grades, which require additional fees).
Because it can only be done once a year, skills are requireD.Because the records of these three companies are similar, you don't have to come to all three companies at once, but you need one every four months, so you often monitor your credit records.
For example, if you take all three records this month, you will have to wait until March next year to get another free recorD.But if you ask Equifax for a record in March, Experian for another record in July, and Transunion for another record in October, that's all for a year.
Where does credit score come from and how to use it?
In the United States, three major credit reporting agencies, Equifax, Experian and Transunion, are responsible for everyone's credit evaluation.
These three major credit reporting agencies are evaluated separately, so the credit score of each person is not one, but three.
Their algorithms for calculating credit scores are different, so your three credit scores are generally different, but the difference is usually not too big.
On different occasions, one of the scores may be used to evaluate your credit score.
For example, when making a home purchase loan, your three scores are 710, 750, 770, and the bank will finally take the middle number 750 as your credit score.
Most banks give the best interest rate as long as their credit score exceeds 740.
If 750 exceeds this line, you can get a better loan rate.
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