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GLOSSARY TERMS
What is a Credit Score?
Creditors use a system called credit scoring to help determine your creditworthiness.
Creditors use a system called credit scoring to help determine your creditworthiness. Utilizing information collected from your credit application and your credit report, creditors use statistical programs to compare your information to the profiles of similar consumers. These scoring systems award points for every factor that helps predict your creditworthiness, or how likely it is that you will repay the loan.
Companies may use a variety of credit scoring systems, but common factors they may consider include: your payment history, the total amount of debt you owe, the "maturity" or length of your credit history, the types of credit in use, and the number of recent credit inquiries on your file.
The best way to improve your credit score is to pay your bills on time, pay off any outstanding balances, and not acquire any new debt. Improving your credit score takes some time, so be patient.
Companies may use a variety of credit scoring systems, but common factors they may consider include: your payment history, the total amount of debt you owe, the "maturity" or length of your credit history, the types of credit in use, and the number of recent credit inquiries on your file.
The best way to improve your credit score is to pay your bills on time, pay off any outstanding balances, and not acquire any new debt. Improving your credit score takes some time, so be patient.
Related Article: Keeping an Eye on your Personal Credit History >>
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