The major credit bureaus, Experian, Equifax, and TransUnion, keep track of credit scores. The bureaus compile data and generate credit scores from algorithms created by analytics companies like FICO and VantageScore.
In addition, many lenders use their own proprietary credit scores, which are based on publicly available scoring models but undergo in-house modifications. Lenders and creditors use your credit score to determine your ability to repay debt.
Your credit score takes several kinds of data into consideration, including your payment history, outstanding debt, the number and types of accounts you have, how much of your available credit you are using, and recent credit applications.
You can check your credit score and get credit-improvement tips for free here at WalletHub.
This answer was first published on 01/09/23. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.
