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f employees at the Minneapolis-based Fair Isaac Corp. know and they won’t tell you — or government regulators. Then how do you know you’re getting a fair assessment of your credit practices? You don’t. You have to trust them. Generally, your score is an amalgam of how much credit you use, whether you pay on time and use of credit cards. If you’re generally current on your bills and have a mortgage, chances are your score is fairly good. But if you spend to the limit, pay late fees and are behind on your mortgage, that will depress your score. Foreclosures, bankruptcies and other major deficiencies are the blackest marks. Of course, this is not a foolproof formula. If your credit record contains mistakes — loans that you’ve paid off that falsely appear to be outstanding — that will hurt your score. Under federal law, you have a right to correct your record, although first you have to check it (do it at least once a year). The major reporting services are Experian, Transunion and Equifax. You can correct your record for free. What if your score isn’t fair? After all, those who don’t use credit much at all can potentially get a lower score than someone whose wallet is loaded with credit cards. Neither the Federal Trade Commission nor banking regulators have much power over the credit-rating industry, which largely escaped close scrutiny under the Dodd-Frank financial reform law passed last year. “Consumer groups also complain that without knowing how the formula is put together, there’s no way to be sure it’s reasonable or accurate,” writes Amy Biegelsen for the iWatch News. (Disclosure: I am researching a piece for iWatch’s parent, the Center for Public Integrity on politics and financial reform) The new Consumer Financial Protection Bureau, which is slated to be up and running by July 21, is taking a close look at the credit-scoring business. Although its mission has been attacked by the banking industry and GOP Congressmen, the agency hopes to produce a report that will examine whether the credit agencies are complying with the law and treating consumers fairly. Do you think that your credit score isn’t fair? Tell the CFPB. Go to their website and tell the agency your concerns. You also can scour your own credit report for free and challenge anything in it. Caveat: Make sure to avoid “credit repair” clinics or services that sell you regular access to your credit record. Most errors are easily fixed and there are any