The Importance Of Your Credit Rating
A credit score is a statistical method to determine the likelihood of an individual paying back the money he or she has borrowed.
The primary factors used to calculate an individuals credit are their payment history, current debts, time length of credit history, credit type mix and frequence of applications for new credit, because the scoring systems are based on different criteria which are weighted differently, the three major credit bureaus in the U.S. (Equifax, TransUnion, and Experian) may issue differing scores on individuals even though the score are the same credit report information.
Scores range between 350 (extremely high risk) and 850 (extremely low risk). Fico score in reference to your credit score is an acronym for the Fair Isaacs Corporation, the creator of the software used to calculate credit scores. Find what makes your credit scores?
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