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Am I entitled to receive a free copy of my credit report? If so, how do I get it. Yes. Virginia residents are entitled to receive 1 copy of their credit report from each of the three bureaus annually. Additionally, you may receive a copy if you are unemployed and plan to seek employment in the next 60 days, or if you have been denied credit within the past 60 days. To obtain you free annual report, go to www.annualcreditreport.com and submit your request. This is the official centralized site set up by the three bureaus for meeting the requirements of the Fair and Accurate Credit Transactions Act (FACT Act). If you have been denied credit, follow the instructions on the credit denial letter you receive from the creditor who denied you. If you are about to seek employment, contact the bureaus individually. Their web addresses are www.equifax.com, www.experian.com, and www.transunion.com
What is a FICO Score and how is it determined? Each of the three credit bureaus generate a credit score for your file. Your credit scores are not arbitrarily determined; they result from a complex but logical equation. The software used to process credit score data was developed by Fair Isaac Corporation (FICO), so the number is often referred to as FICO. These figures are used by potential lenders as a numerical representation of their estimated risk should they lend a consumer money. The higher the figure, the lower the lender's risk. Several factors go into determining your FICO score. Approximately 35% of your score is determined by your payment history. This will include revolving and installment accounts, collections, charge-offs, judgments, and other public records. Another 30% of your score is made up from data on amounts owed. This will include things such as whether or not your credit cards are "maxed out". This is sometimes called credit utilization, and in basic terms it's how much of your available credit are you actually using. The higher percentage of use, the greater chances of it affecting you adversely. For example, if you have a $2000. credit card and you have $1000 charged on it, you are at 50% utilization. 15% if from Length of Credit History (how long have your accounts been established and how long since you used certain types of credit) 10% from Type of Credit (types of different accounts) 10% from New Credit (how many newly opened accounts, how many inquiries, etc)
Do you also get your credit scores when you get a free credit report? No. The bureaus do not have to provide you with your score for free, only the data that is going into making up your credit score/credit file. It is possible to obtain you score from each of the bureaus, but there is a nomimal charge. You can also do it through www.annualcreditreport.com if you like at the same time you order y our free reports.
If there is an error on my credit report, can it be fixed? Yes, there is a method for disputing inaccuracies on your credit report. The procedure can take up to 45 days. Usually you notify the bureau of what you believe to be inaccurate, provided them any documentation (if you have any) supporting your claim, and they open an investigation. They will then render a decision and inform you of the status. You will need to contact each of the bureaus directly to do this. All of them allow for filing your dispute online, and based on their websites, this seems to be their preference. But calling or writing is not out of the question. Some contact information specific to making disputes is provided below.
www.equifax.com See phone number provided on your copy of your credit report. Equifax Information Services LLC
www.transunion.com 1-800-916-8800
 Summit Home Mortgage, Inc. - Office Phone: (434) 946-7770 Fax: (434) 946-7775 Cell Phone: (434) 238-8984 Toll Free Phone: 1-866-946-7770 Summit Home Mortgage, Inc. Licensed by the Virginia State Corporation Commission: License MC-2396 
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