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California notice of your rights to request and obtain your credit score

A credit score is a numerical value or a categorization derived from a statistical tool or modeling system used by a person who makes or arranges a loan to predict the likelihood of certain credit behaviors, including default. The numerical value or the categorization derived from this analysis may also be referred to as a "risk predictor" or "risk score." "Credit score" does not include any mortgage score or rating of an automated underwriting system that considers one or more factors in addition to credit information, including, but not limited to, the loan to value ratio, the amount of down payment, or a consumer's financial assets. "Credit score" does not include other elements of the underwriting process or underwriting decision.

Your credit score report must contain:

• Your current credit score or your most recent credit score for a purpose related to the extension of credit
• The range of possible credit scores under the model used
• All the key factors (up to four) that adversely affected your credit score, listed in the order of their importance based on their effect on the credit score
• The date the credit score was created
• The name of the person or entity that provided the credit score or credit file upon which the credit score was created

Your credit score will be calculated based on information in your personal credit report.

What is a credit score?
A credit score is a number that reflects your credit risk level, typically with a higher number indicating lower risk. Using elements from your personal credit report, a score is generated through a statistical model that uses your past credit behavior and current credit relationships to predict likely future behavior. Your credit score is a fluid number, and it changes as the elements in your personal credit report change. For example, payment updates or a new account could cause your score to fluctuate. There are many different scores used in the financial service industry. Scores may be different from lender to lender (or from car loan to mortgage loan), depending on the type of credit scoring model that was used. Because your score is based on information in your personal credit report, it is very important that you review your personal credit report carefully for accuracy.

How can I improve my credit score?
Paying your bills on time is the single most important contributor to a good credit score. In addition, it is important to minimize outstanding debt, avoid overextending yourself and avoid applying for credit needlessly. If you have potentially negative information on your credit report, such as late payments, a bankruptcy, public record items or too many requests for your credit history, your best strategy is to pay your bills on time and wait. Time is often your best ally in improving your credit score.

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