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What Is A Credit Score

 

WHAT IS A CREDIT SCORE

Some of you may know this answer to “What is your credit score?”, but many of you may not. In fact, I think there may be more to this score than you think!

Basically, your credit score is a 3 digit number assigned to your individual credit profile from each of the 3 bureaus. They range from 350 – 850 with the higher the number the better. Transunion, Equifax & Experian They each have their own name for this score;

*TRANSUNION ~ VantageScore

*EQUIFAX ~ Equifax Credit Score

*EXPERIAN ~ FICO

This score is calculated with a proprietary algorithm from each bureau exclusively. What this score is used for, is to determine the likelihood you will have a late payment within the next 90 days.

There are many factors that determine your credit score…we will take a look at each of these factors next week 🙂

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Priscilla L Brooks

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