What is a Credit Score?
Credit report scores are numerical sums used by lenders to gauge how likely a person is to repay their loans. Scores are generated by mathematical formulas that weigh credit report information. There are three credit reporting bureaus - TransUnion, Experian, and Equifax. You have a unique credit report and score from each. Lenders often look at credit report scores from all three bureaus to get the most complete picture of your financial profile.
A TrueCredit 3-in-1 Credit Report with Scores is the fast, convenient way to view your information from all three national agencies in one easy-to-read report. Knowing what your credit report scores are gives you insight into how potential lenders view your profile.
There are thousands of credit scoring formulas for various evaluation purposes. The credit report scores you view online may vary slightly from those your potential lenders use, but they should be in the same range. The following factors are included in credit report scores:
- Payment history - do you have a history of making your payments on time?
- Outstanding debt - lenders are less likely to extend credit to you if you are overextended.
- Credit history length - a long and established credit history may improve your credit report scores.
- Credit account balances - simply put, your ratio of credit used to credit available.
Credit report scores can determine not only whether you will be approved for a loan, but what interest rate you will pay. Maintaining a good score may save you thousands of dollars in loan interest over time. For more information, please follow this link: 5 Steps to Higher Credit Report Scores.
View Your Credit Report Scores
TrueCredit has the information and resources you need to monitor and improve your credit report scores. To get started, order your credit report and scores online. Then, visit the Credit Learning Center for tips on how to manage and maintain your credit.
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