Credit Guide

Equifax is one of the top credit reporting bureaus and is well-versed in calculating your credit score based upon your credit history. Your credit score helps lenders to determine if you a credit worthy and your credit score can keep you from getting a loan from a lender.

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To determine your credit score, Equifax uses a mathematical equation on information that is gathered from your credit file. This equation compares is against patterns seen on other files. The range of credit scores go from 300 to 850 and the higher it is, the better it is. As your information changes on your credit report, so will your credit score. It is very unlikely for some one to have the same score from month to month.

Because each bureau can and does receive information from different banks and creditors, your credit score (also referred to as "FICO score") can differ from credit bureau to credit bureau. While credit scores themselves range from 350 to 850, a FICO score of 700 from Experian is generally considered the equivalent of a 700 FICO score from Equifax or TransUnion. Regardless of which bureau supplies your credit report rating, the higher your FICO score, the better your chances are of securing a loan, with a favorable interest rate and ultimately having a stronger more solid credit history.

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Equifax looks at many factors to determine your credit score. The following are just some of the factors that help them to calculate your score.

point, score intervals, CFA study revealed the importance of knowing your credit score before you apply for credit. The study also tested differences between Equifax's and Trans Union's older and newer FICO scoring models, and found the differences to be negligible. in 10% of the cases, instead of there being three credit reports for each individual (one each for Equifax, Experian and Trans Union), a fourth, or fifth, or even sixth credit report would be returned, most of which had credit scores.

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Y Payment History-If you have late payments reported on current or past accounts, these will lower your score.

for information to order your merged 3 Bureau Credit Report and Credit Score online. Includes information from all 3 national credit bureau systems, Experian, Equifax and Trans Union. Merged credit reports are normally used when you apply for a home loan because it shows the most complete picture of your credit history, plus your credit score shows you how your credit report looks on a numerical basis.

Apply Online For Credit Card Y Credit Owed-If you owe too much on your available credit, it will affect your score, especially if you are maxed out or close to it.

What's a Credit Rating Your credit report rating (or your "FICO score") is the number that banks and credit institutions use to assess your potential credit risk, based on a formula that measures your credit history and current credit accounts. The three major credit bureaus, Trans Union, Experian and Equifax, each develop a score based solely on the information in their files on you.

By Card Credit Debt Debt Guide Y Credit History-How long you've had credit will also affect your score. If you've only had credit for a few months compared to several years, you're credit score will be affected.

The 3 national credit bureaus (Equifax, Experian, and Trans Union) have recently announced a joint venture to produce a new credit score for businesses and consumers called the VantageScore(sm). The three credit bureaus compete with each other in providing credit report and associated products to consumers and businesses alike. The VantageScore (sm) marks the first time the three systems have joined forces to produce a scoring model that scores consumers across all three companies.

Credit Repair Y Inquiries-If you've applied for credit with several lenders and creditors, it may lower your score.

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Y Judgements, Bankruptcies, Collections-Any accounts that have been sent to collection or you have been taken to court on, including bankruptcy, will lower your score.

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These, of course, are only a few of the factors that will influence your credit score.

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If your credit score is not where you want it to be, there are ways that you can improve it.
The most important thing you can do to increase your credit score, however, is to pay your bills on time. If you do have a circumstance that you can not pay your bills, make sure you include a letter of explanation. This will be included on your credit report an calculated toward your credit score.

Bad Credit Loan JP Burkhart recommends that you visit Equifax credit scoring for more information.

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