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A Credit Score is a numerical value that summarizes all of the information on your credit report. Credit scores allow creditors the quickly determine the lending terms that apply to each individual. For example, a poor credit score might result in a utility requiring a deposit prior to establishing an account. A credit score might also be used by a more traditional lending institution such as a bank to determine the interest rate charged on a loan.
Generally, a credit score is a composite score based on:
- Loan payment history
- Outstanding loan balances
- Credit history
- Variety of credit in use
Each of the three major consumer reporting agencies - Equifax, TransUnion and Experian has a slightly different method for determining a credit score.
Other forms of this term include - credit scores |
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