YOUR CREDIT SCORE AND HOW IT IS CALCULATED

Your credit score is a reflection of the information on your credit report. It summarizes your credit history and helps lenders predict how the likelihood that you will make regular, on-time payments on a loan. Lenders then use your credit score to decide whether they will grant credit, what terms will be offered, and the rate of interest applied to the loan.

INFORMATION USED TO CALCULATE YOUR CREDIT SCORE INCLUDES:

  • Amount and Type of Accounts (credit cards, auto loans, mortgages, etc.)
  • Payment History
  • Available Credit
  • Derogatory Accounts
  • Outstanding Debt
  • Age of Accounts

CREDIT SCORE CHANGES

Changes to your credit report may cause your score to increase or decrease. For example, if you pay your bills late or incur additional debt, your credit score may go down. If you pay down an outstanding balance on a credit card or mortgage, however, your score may go up.

WHERE TO GET YOUR CREDIT SCORE

A credit score can differ from industry to industry. In some cases, a lender may tell you your credit score for free when you apply for credit. For example, if you apply for a mortgage, you will receive the credit score or scores that were used to determine whether the lender would extend credit to you and on what terms. You may also receive a credit score or scores from lenders when you apply for other types of credit, such as an automobile loan or a credit card. You may also purchase your credit scores directly from the credit bureaus by calling them or visiting their websites which are included below:

Equifax: Call 1-800-685-1111 or
visit www.equifax.com/compare-products

Experian: Call 1-888-397-3742 or
visit www.experian.com/consumer-products/personal-credit.html

TransUnion: Call 1-800-493-2392 or
visit www.transunion.com/corporate/personal/creditTools.page