Websites offer credit scores and details

10.09.09
By James Conroy

As the economy has taken a tumble during the recession, many Americans have seen their credit scores also take a hit. Because a credit score can affect everything from employment to insurance costs, many people are turning to online sources to get more information about how their credit ranks and see what they can do to improve it.

Federal law allows every consumer to get access to their credit report once per year, but getting a credit score will cost consumers money. Often these credit scores can be confusing and generally don't tell a consumer how they were calculated.

A report in this week's Wall Street Journal notes that some websites like Credit.com now give consumers the ability to get a grade on their credit score which can give them better insight into how their score was tabulated. The report can make a sometimes confusing document more understandable.

According to the Journal, Credit.com's Credit Report Card takes the more than 20-page report from TransUnion and puts the factors that make up a score into an A to F scale. The Journal's Jane J. Kim notes that she had a C-minus on "inquires," which makes up 10 percent of a total credit score, while getting an A-plus on payment history - making up 35 percent of the score.

These reports can also help consumers with improving their credit score as the paper reports Credit.com advised Kim to not close any of her credit cards, which could actually cause her credit score to drop.

While some people believe that they may not need to know their credit score since they already have loans or don't intend on taking out any in the future, experts advise consumers to always be vigilant as these scores can affect a person's employment chances or even increase their insurance premium.

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Keeping track of a credit score can help consumers when they look for a loan