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Understanding Credit

Your ability to obtain a loan from Washington Home Remodelers is based on a number of factors that are related to your credit history and consumer behavior. Five Key Factors are used by the credit bureaus to determine your credit score.

To help you better understand the credit approval process and your rights as a consumer, we have provided the following information resources. No other representations or recommendations are made by providing these links.

www.equifax.com

www.transunion.com

www.experian.com

There are hundreds of local and regional credit bureaus. Most of these organizations are either owned by or report to one of the three major credit reporting agencies. Each of these three major bureaus, Equifax, Transunion, and Experian, give you the ability to order your personal credit bureau report directly from them.

http://www.consumer.gov/idtheft/

Use this link to find out what you should do if you think your identity has been stolen.

www.myfico.com

What's a FICO ® Score? FICO Scores are used by each of the three major credit reporting agencies to measure your credit.

This chart shows typical FICO score ranges and what they represent to a credit provider.

http://www.ftc.gov/opa/2004/06/freeannual.htm

FTC's final rule on Free Annual Credit Reports, states that a centralized source must be established by the three national consumer reporting agencies (CRAs) for accepting consumer requests for free credit reports. The final rule provides for a structured roll-out of a centralized source, starting from the west (states) beginning December 1, 2004 and completed by September 1, 2005. Please read the details on this FTC link.