How is your credit score decided?
If your credit rating is a scorecard, the university will keep track of your grades. There are schools, or major Credit Reporting Agencies , in this case: Equifax, Experian, and TransUnion. The above bureaus are data sources, but they do not create the scores; they report them. To begin, lending institutions send statistical reports to the bureaus. Once you open a new credit or debit card, for instance, a report is sent to the reporting agencies. That creditor would document the timeline you started a new credit card, your monthly spending cap, as well as how much you use on that card. The credit reporting agencies then employ a method developed by a 'credit scoring model' company. The results on your credit file are generated by that automated system and your information is available. Is that what I said about scores? Yes. That was not an error. Because there are three credit bureaus, you have 3 independent Credit reports and credit scores . As not all lenders and credito...