In general, you are likely to be considered a better credit risk if your FICO score is high. Under mortgage lending guidelines, for example, a score of 650 or above indicates a very good credit history. People with these scores will usually find obtaining credit quick and easy, and will have a good chance to get it on favorable terms. Scores between 620 and 650 (average FICO scores fall into this range) indicate basically good credit, but also suggest to lenders that they should look at the potential borrower to assess any particular credit risks before extending a large loan or high credit limit.

People with scores in this range have a good chance at obtaining credit at a good rate, but may have to provide additional documentation and explanations to the lender before a large loan is approved. This means that their loan closing may take longer, making their experience more like that of borrowers in the days before credit scoring, when every individual was researched. A score below 620 may prevent a borrower from getting the best interest rates, as they may be considered a greater credit risk-but it does not mean that they can't get credit. The process will probably be lengthier and, as noted, the terms may be less appealing, but often credit can still be obtained.

About Credit Report Information

Details about your financial behavior and identification information are contained in your personal credit report. This consumer friendly report is sometimes called a credit file or a credit history.

A copy of your credit report makes it easy for you to understand the information a lender would be seeing if they review your credit history. The typical consumer credit report includes four types of information.

By law, credit bureaus cannot disclose certain medical information (relating to physical, mental, or behavioral health or condition). Although credit reporting agencies do not generally collect such information, it could appear in the name of a data furnisher (i.e., "Cancer Center") that reports your payment history to us. If so, those names display in your report, but in reports to others they display only as medical payment data. Consumer statements included on your report at your request that contain medical information are disclosed to others.

Public record information in some states may also include overdue child support. Bankruptcy information can remain on your credit report up to 10 years; unpaid tax liens can remain for up to 15 years; other public record information can remain up to seven years. Credit information includes specific account information, such as the date opened, credit limit or loan amount, balance and monthly payment and payment pattern. The report also states whether anyone besides you (a joint account holder or cosigner, for example) is responsible for paying the account. Active positive credit information may remain on your report indefinitely, while most negative information remains up to seven years. Requests by others to view your credit history will show you who has received information from your credit report and who was given your name during the recent past, as allowed by law.

According to the Fair Credit Reporting Act, credit grantors with a permissible purpose may inquire about your credit information without your prior consent. This section includes the date of the inquiry and how long the inquiry will remain on your report. On your personal credit report ordered directly from the credit bureaus, information about those who inquired for the purposes of extending a pre-approved credit offer are included for your information. These inquiries are not revealed to creditors and do not impact your ability to obtain credit.

Personal information can include your name, current and previous addresses, telephone number, reported variations of your Social Security number, date of birth and current and previous employers.

"Statements of dispute" also may be added by you or your creditors. Creditors report temporary dispute statements when you challenge an account's status with them. The statement is no longer reported when the dispute is resolved, usually within 30 days.

If you and your creditor cannot agree on an account's status, you may have a statement added to your credit history. The statement will remain for seven years. Because the Fair Credit Reporting Act (FCRA) requires that credit reporting agencies add statements at the consumer's request, we cannot mask medical information contained in a statement. Statements display to anyone who reviews your information so it may not be in your best interest to share your medical information in a statement.

Your credit report does not contain data about race, religious preference, medical history, personal lifestyle, political preference, friends, criminal record or any other information unrelated to credit. Nor is there information about your checking or savings accounts.