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Credit Score
A credit score is a numerical representation of how likely you are to pay your debts in a timely manner. It is calculated using a mathematical formula based on the statistical analysis of your credit report. This three digit credit score determines your credit worthiness, i.e. your ability to repay your loan. It is therefore an important statistic determining your financial future.
A credit score is used by lenders like banks and credit card companies to anticipate the risk involved in lending to a certain customer. These lenders use the credit score to determine the rate at which they should lend you money.
Why do credit scores vary?
In the United States, there are three main credit bureaus that assign credit scores based on your credit report – Equifax, TransUnion and Experian. All of these credit bureaus issue credit scores to you according to individual evaluation methods. Since these bureaus work independently they may each score you differently. The score from each bureau will be determined by the credit report information (your credit history) stored in their database to calculate the scores.
How is a credit score calculated?
The most common method used for calculating credit scores is the FICO credit score, developed by Fair Isaac’s Corporation. Having been pioneered by the corporation, the method is named after it. Lender's typically look at all 3 credit scores to make sure they have your most accurate credit information.
A credit score is a numerical representation of how likely you are to pay your debts in a timely manner. It is calculated using a mathematical formula based on the statistical analysis of your credit report. This three digit credit score determines your credit worthiness, i.e. your ability to repay your loan. It is therefore an important statistic determining your financial future.
A credit score is used by lenders like banks and credit card companies to anticipate the risk involved in lending to a certain customer. These lenders use the credit score to determine the rate at which they should lend you money.
Why do credit scores vary?
In the United States, there are three main credit bureaus that assign credit scores based on your credit report – Equifax, TransUnion and Experian. All of these credit bureaus issue credit scores to you according to individual evaluation methods. Since these bureaus work independently they may each score you differently. The score from each bureau will be determined by the credit report information (your credit history) stored in their database to calculate the scores.
How is a credit score calculated?
The most common method used for calculating credit scores is the FICO credit score, developed by Fair Isaac’s Corporation. Having been pioneered by the corporation, the method is named after it. Lender's typically look at all 3 credit scores to make sure they have your most accurate credit information.