| A credit score is a numerical expression based on a statistical analysis of a person's credit files, to represent the creditworthiness of that person. A credit score is primarily based on credit report information, typically sourced from credit bureaus. Credit score is vitally important. One important thing your credit score does is to help your creditors determine their risk if they choose to lend you money or extend you credit. You have a credit score assigned to you by each of the three main credit bureaus: Equifax, Experian, and TransUnion. Don't forget that your credit score is fluid. Your credit score changes based on the information reported about your financial transactions, information that is reported each month. The higher your credit score, the better. Credit scores range from 350-850. Each creditor/lender judges your credit score differently and takes other factors into consideration when determining your eligibility and/or risk. Typically, anything above 750 is considered a great score. Below 650 is frequently referred to as 'sub-prime'. |