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Your Credit Rate Score
Credit ratings are used by credit grantors, landlords, insurers, employers, utility companies, and others to gauge how likely a person is to handle their finances responsibly. Lenders use credit ratings not only to make lending decisions, but also to determine interest rates and loan terms. Over time, having good credit ratings can save you thousands of dollars in interest and fees. Understanding credit ratings and how they are calculated is the first step towards improving your credit rate score. To view your credit rate score now, please follow this link: TransUnion, Experian, and Equifax Credit Ratings & Reports.
Credit ratings are calculated using a variety of mathematical formulas, and are based on the information contained in your credit reports. Each of the three major credit reporting bureaus - TransUnion, Experian, and Equifax - collect data independently and do not cross-check their information. As such, your credit ratings may vary. Potential lenders often check credit ratings and reports from all three bureaus to get the most comprehensive, accurate view possible. A 3-in-1 Credit Report with Credit Scores from TrueCredit lets you see the same information that potential lenders do, as well as spot and correct any discrepancies before you apply for credit.
There are thousands of formulas used to calculate credit ratings for various purposes. Credit ratings factor in many items from your credit report, which may be weighed differently depending on your personal credit profile. The information used to calculate credit ratings includes:
- Payment History
- Recent Inquiries
- Outstanding Debt
- Credit History Length
- Types of Credit
If you are applying for a loan, TrueCredit's Loan Preparation Guide has the information and tools you need to understand what lenders look for, as well as tips to improve your credit ratings.
View Your Credit Rating Scores
To learn more about credit ratings and view yours online, please follow this link: TrueCredit Credit Rate Score Reports.
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