James Jay Discusses how the credit score is calculated and the three credit bureaus that maintain credit records. There are TransUnion, Equifax, and Experian. Any nonpayment is immediately reported to these bureaus and reflected in your credit report. He also explains that the longer the credit history, the better this reflects on your score. 

Quotes:

"The credit score is based on a credit report which is a detailed account of our credit history of borrowing, repayment and credit inquiries. The bottom line is to keep your balance low and make your payment on time."

Show notes:

[00:00] James Jay introduces the topic which is how credit scores are calculated.

[00:11] Introduction to Houston Home Talk.

[00:48] James Jay talks about credit scores and how they are calculated. He continues to say that credit score is based off a credit report which is calculated through a detailed account of our credit history, of borrowing, repayment and credit inquiries

[02:31] James Jay also mentions the three prominent credit bureaus which are TransUnion, Equifax, and Experian

[03:04] James Jay explains that a credit score is calculated by a special type of software from Fair Isaac Corporation Company. He also explains the components of a credit score.

[04:48] James Jay emphasizes the need for a credit score in buying a home and he explains how to look for alternative lines of credit.

[06:15] James Jay discusses the types of credit and he discusses the range of the credit score and the credit scoring range.

[07:16] James Jay emphasizes the importance of improving credit scores. He also emphasizes to make balances low and make the payments on time. He also invites the people listening to visit his website at myhoustoninsideout.com (new website).

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