When you hear the term “credit score,” people are usually referring to your FICO score – a scoring formula introduced by the Fair Isaac Credit Organization for assessing credit risk. Different retail and commercial organizations may evaluate your “credit worthiness” using FICO scores from the credit reporting agencies, as well as some of their own scoring criteria. For example, while Chrysler Financial uses the services of the different credit reporting agencies, it uses its own formula to derive your credit “score” to determine whether you qualify for financing through Chrysler Financial.

Just as your credit history can be different when reported through different agencies, your credit score can also differ at any point in time, since it is based on many different factors.

What makes a good credit score?

	Your history of making scheduled payments
	The amount of outstanding debt you owe
	The duration of your credit history spans
	The number of credit inquiries that have been made
	The number of credit inquiries that have been made
	The kinds of credit you have been awarded (bank cards vs. store-specific cards vs. loans, etc.)

The Fair Credit Reporting Act (FCRA) specifies that one free credit report per year be provided to you by credit reporting agencies and in the following situations:

	If you have reason to believe that your file at a particular credit reporting agency contains inaccurate information due to fraud
	If you are unemployed (but are attempting to find employment)
	If you have reason to believe that your file at a particular credit reporting agency contains inaccurate information due to fraud
	If you are a recipient of public assistance
	If you are unemployed (but are attempting to find employment)
	If you are a recipient of public assistance

Additionally, if you are denied credit based on information provided by a credit reporting agency, the FCRA stipulates that you are entitled to receive a free credit report from that agency. However, you must request the report within 60 days of receiving the notice. If you want an accurate picture of the credit history that is being reported about you, you will need to request a copy of your credit history from each of the three major credit reporting agencies. If you do not qualify for a free report, you may request a copy for free from the credit reporting agencies.. Remember, when you order a credit report it will not necessarily include your credit score. To find out your credit score, you will need to specifically request the “scoring option” which may be an additional fee.