Your credit score is derived from a system used by lenders in order to approve you for credit. The scoring is calculated through analysis of your history as a bill-payer.

The following factors make up your credit scores:

  • Type and number of accounts open
  • Timely bill payment
  • Amount of available credit used
  • Whether you have collections
  • Debt amounts outstanding
  • The overall age of credit accounts

Your score represents creditworthiness in the eyes of creditors. The score lets the inquiring lender gauge the likelihood they’ll be repaid. Credit reports are also evaluated for some jobs, insurance policies, and utility providers.

For practical answers to questions about credit reports, credit score, and the importance of protecting personal credit histories, visit the following link:

https://www.federalreserve.gov/newsevents/testimony/braunstein20100323a.htm

This guide provides information on the content of a credit report, how a credit score is used, and the role of credit bureaus in collecting and disseminating the information.

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