Definitions for "Credit Scores"
Keywords:  experian, equifax, bureau, score, efx
Credit scores are based on information collected by credit bureaus and information reported each month by your creditors about the balances you owe and the timing of your payments. A credit score is a compilation of all this information converted into a number that helps a lender to determine the likelihood that you will repay the loan on schedule. The credit score is calculated by the credit bureau, not by the lender.
Grades ranging between 400 and 850 assigned to individuals based on their repayment history. Typically an individual will have three scores, one from each of the three major credit bureaus: Experian, Transunion, and Equifax.
A credit score summarizes your credit history into a number that lets lenders and others quickly know how responsible you have been with your past credit accounts and loans. Lenders use formulas to calculate your score based on information from your credit report. These scores help predict how likely you are to pay your loans or credit cards. While lenders each may use their own scoring models to determine how you rate, personal details such as race, gender, or religion are not considered when determining your score. Your credit score can change daily as your credit file is updated, so it is calculated at the time a lender requests your credit report and reflects your current credit standing. The information in your credit files at the different credit bureaus may vary, which means that your scores may be different for each bureau..