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Credit Score - What Is It?

What is my score on my credit report?

Discover what is a credit score and how it affects your credit. Find cool information about your credit report too.

Your score is now the most important factor that lenders use to evaluate your creditworthiness. This score is a three digit score calculated by the credit bureaus from your credit history.

The score was invented by Fair Isaac, a company that created a way to predict your chances of credit failure using just your credit report. This system has gained more popularity in recent years and now each of the three main credit bureaus, Equifax, Experian and TransUnion uses Fair Isaac's system to calculate their version of your score.

Nowadays, people applying for home loans or car loans are nothing but a "number" - their score. For example, our scores at the time of this writing were TransUnion: 735, Experian: 715, and Equifax: 722.

credit score important

Risk Factors That Affect Credit Report

  • Too many accounts with balances
  • Proportion of balances to credit limit too high
  • Length of time accounts have been established
  • Serious delinquency and public records or collection filed
  • Too many revolving accounts

There are more risk factors, but the above list seems to occur most often.

Few Adjustments Can Raise Credit Score

  • Stop late payments
  • Take care of collection accounts
  • Lower high balances on revolving accounts
  • Too many inquiries
  • Credit history is too short
  • No credit history
You need to know what is the cause of the low score and what you may be able to do to improve it in your credit repair.

Other Favorite Articles...

Get Your Free Credit Score is an awesome place to find out how to get your free credit report.

Have a Question gives you an opportunity to ask your own questions or see what others have asked. Its a wealth of information and you can pick my brain to get your own answers!

How to do Credit Repair Yourself has many tips and articles to help you in your quest to repair your own credit.

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