Can I Report A Higher Credit Score?

Your credit score is a summary of your credit history and a gauge that helps measure your future likelihood to repay loans. You may need to provide your credit score when you apply for a mortgage, buy a car, rent an apartment or get a job. While you can't report your own credit score, there are steps you can take to ensure your score is accurate and make it as high as possible.

Credit Reporting Agencies

Three different consumer credit reporting agencies have the authorization to track your financial transactions and compile a credit score. The three agencies are Equifax, Experian and TransUnion. The Federal Trade Commission regulates credit reporting and requires these agencies to offer free credit reports to all consumers once a year, though credit scores typically require paying a fee. When someone requests your credit score, it contacts one or all of the credit reporting agencies and uses the three numbers, which are usually very similar, to make a determination on your application.

Reporting

Only credit scores from the consumer credit reporting agencies are valid. In addition, they only refer to a consumer's credit score at that specific point in time. Credit scores do not indicate if your score was recently higher or lower, nor do they predict future changes. Even if you've ordered your credit score in the recent past, lenders will still want to request your credit score themselves to ensure they get the most accurate, up to date information. If the score they receive is lower, you may not submit your older, higher score instead.

Accuracy

Each consumer credit reporting agency has its own methods for determining your credit score, but mistakes are still possible. If you have any reason to believe that you've been a victim of fraud or identity theft, or that a recent credit score was lower than it should have been, you can contact the credit reporting agencies directly to request free credit histories. These reports include the information that goes into your credit score. Check for accounts or transactions that you don't recognize. While you may not be liable for actions someone else performs using your identity, your credit report can suffer without you knowing it until you investigate.

Improving Your Score

Even without a case of fraud or identity theft your credit score can fall due to missed payments, excessive borrowing or major events such as repossession of property, bankruptcy and foreclosure. To get the credit reporting agencies to report the highest credit score possible, always pay your bills by the due date. Don't apply for too many loans, including credit cards, in a short time frame, as this can lower your score. Finally, avoid maxing out your credit cards to improve your credit-to-debt ratio, which will also help increase your credit score.