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Your credit score is a numeric expression of the information contained in credit reports generated by three major credit bureaus — Equifax, Experian, and TransUnion. These credit reports summarize your credit history including the types and amount of debt you have held in the past and your timeliness in making payments. Certain credit events can have a highly negative impact on your credit reports, including charge-offs, debt collections, bankruptcy, foreclosure, tax liens, and judgments.

The credit score itself is assigned by an independent rating company, with the most widely used scoring systems provided by FICO (Fair Isaac Corporation) and VantageScore 3.0. Credit score rating is not a precise art, as each rating company develops its own score range and lenders have their own definitions of what comprises a good or poor credit score. FICO and VantageScore 3.0 each use a score range from 300 to 850, with higher numbers indicating the borrower is a more favorable credit risk, and lower numbers indicating the borrower is a less favorable credit risk.

Credit scores from FICO for the general population are typically comprised of the following mix of personal information:

FIGURE 2.1: HOW CREDIT SCORES ARE CALCULATED

Source: www.myfico.com/crediteducation/whatsinyourscore.aspx