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 creditors make reports to all three credit bureaus, your credit score may vary. Many do, but some may report to two, one, or none at all. Furthermore, depending on the organisation with which those who work, each bureau may use various credit scoring models.

Credit Repair Company is intended to avoid potential conflicts of interest when scores have been calculated at repositories. However, since there are three different credit bureaus and three different credit model score businesses, the outcomes can result in three very different scores. So for more call us@+1-(888) 450-1822  or visit at website: http://www.socialcreditrepairs.com