A credit score is a value, based on statistical analysis of your credit history, that has been shown to accurately predict if you will pay your debts.
It is used by lenders, and others, to determine whether to extend credit to you. Even landlords and employers pull credit reports to decide if they
should enter in a relationship with you.
Credit scores generally range from 300 on the low end to 850 for someone who is extremely creditworthy. If you score is high (720 or above) you receive
lower interest rates and more favorable terms on your loans.
Three major credit bureaus compile information on your credit history and produce reports that assign a corresponding credit score. TransUnion, Experian
and Equifax have proprietary formulas they use to arrive at a credit score. Lenders generally take the median of all three when considering credit.
If you haven’t ever reviewed your credit report, you should request a copy before applying for a loan. One free copy is available per year from each credit bureau, by law.
The 2003 Fair and Accurate Credit Transaction Act guarantees one free credit
report each year from each of the credit bureaus. To request a copy, visit
or call 877.322.8228.
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