Understanding Credit Score Categories as an Ohio Consumer

A lot of Ohio residents are in the process of improving their credit scores right now. A credit score is a three-digit number that is calculated from information contained in your credit reports. Higher numbers are better than lower numbers when it comes to credit scores. However, in order to know whether you have “good,” “bad,” or “fair” credit, you’ll need to know about the various credit score categories. These are at least slightly different for every credit score model, so it can be confusing. Luckily, though, by looking at the FICO scoring model, you’ll be able to interpret your credit score as most lenders do.

Credit Score Categories under the FICO Scoring Model

Generally speaking, residents of Ohio like things to be straightforward and to make sense, which is completely understandable. This is why credit scores can be so baffling to consumers in the Buckeye State. For starters, you don’t have just one credit score, but several. In fact, if you were to purchase your credit score from each of the major credit bureaus (TransUnion, Equifax, and Experian) you would probably get three different credit scores. Why? For starters, each of these credit bureaus maintains its own version of your credit report.

The three major credit bureaus have also developed a credit scoring model called the VantageScore. Along with the VantageScore, there are other credit scoring models out there, but most lenders are concerned with your FICO score.

As an Ohio consumer, you may be able to get a FICO score for free from your bank or credit card issuer. Many companies have started offering this service as a perk to their customers. If, however, you don’t have this type of access, you can purchase your FICO score from www.myfico.com for a small fee. The FICO score ranges from 300 to 850 and these are the FICO credit score categories:

Excellent: 750 and Higher

Good: 700 – 749

Fair: 650 – 699

Poor: 550 – 649

Bad: 549 and Lower

If you find out that your credit score falls into the “poor” or “bad” credit score categories, you should immediately request copies of your credit reports. Under the Fair and Accurate Credit Transactions Act, you’re entitled to a free copy of your credit report from each of the major credit bureaus every 12 months. You can easily get all three by visiting www.annualcreditreport.com.

The Easiest Way to Get a Better Credit Score in Ohio

Even the lowest credit scores can be repaired with time and effort, and there’s a simple way to get a jumpstart on credit improvement that you may not know about. The truth is, about 80% of consumer credit reports contain errors of some type, and many of these mistakes are damaging to credit scores. By finding, reporting, and having credit report errors removed, you can give your credit score a quick boost. This isn’t only a convenience, but also your right under a federal statute called the Fair Credit Reporting Act (FCRA).

The law demands that your credit reports be accurate, and Credit Repair Lawyers of America can help you achieve this accuracy. We’ll set you up with a FREE credit repair lawyer so that you can get back on track with your credit score.

For a quick video on How your Credit Score can get Damaged without you Even Knowing About It, click on the title to the video.

The Free and Legal way to Get Better Credit

Don’t let errors on your credit reports bring your credit score down. At Credit Repair Lawyers of America, we’ve been cleaning up credit reports for consumers since 2008 for free. How do we do it? All of our fees come from the defendants in cases that are settled. This is why our clients pay nothing for the work we do.

Let’s start the conversation about what we can do for your credit. Set up your free consultation today by calling Attorney Gary Nitzkin at (888)293-2882 or sending him a message through our contact page.