What Accounts Factor Into Your Credit Score?

Are bank and brokerage lines of credit reflected in your credit score?

Laura Adams, MBA,
December 21, 2011

Reader January Y. asks: Are bank and brokerage lines of credit reflected in my credit score?

Answer: Yes, every type of major credit account reports customer transaction history to the 3 national credit reporting bureaus: Equifax, Experian, and TransUnion.

Many people are surprised to know that there are over a thousand different credit scoring models used by different types of merchants--such as mortgage lenders, auto lenders, credit cards, and insurance companies.

Though credit scoring models differ, they all use the information in your credit report to come up with a score.

If you're not sure what's being reported on your credit report, you need to check it right away.

By law, you're entitled to one free copy of your credit report from each of the 3 credit bureaus each year. So I always recommend that you space them out and pull a report from a different agency every 4 months.

To learn how to build credit fast, be sure to download a free resource that I created called the Credit Score Survival Kit. This multimedia kit includes a video where I show you step by step how to get your free credit report.

You typically have to pay for your credit score--but in the kit, I tell you about my favorite place to get your credit score free, with no strings attached.

********** Laura Adams is the award-winning author of Money Girl’s Smart Moves to Grow Rich. Get the paperback or ebook on Amazon.com! Click here to Download 2 Free book chapters!

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