THE BRONX - In this economy, consumers can never start too young planning their financial future. A credit report is the most important document in establishing good credit.
A credit report can be obtained for free once a year from each of the three major credit bureaus--Experian, Equifax and TransUnion.
Upon request from a credit lender or bureau, credit reports are fed through a mathematical formula created by Fair Isaac Company to create your FICO credit score. The score is used by financial institutions across the world to make consumer credit decisions.
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To start building the score, it is recommended that consumers get a credit card. Some card recommendations from experts include the Discover Student card, Capital One Journey Student Rewards Card, and the Chase Freedom card.