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#CREDIT SCORE RANGES EXPERIAN EQUIFAX TRANSUNION HOW TO#

Having dozens of credit or store cards, however, can look suspicious. Diversity is good, but not required for a higher score.

10% – Credit mix: FICO considers your mix of credit cards, retail accounts, installment loans, finance company accounts, and mortgage loans.

15% – Length of credit history: Having a longer credit history is positive (but not required) for your FICO scores.

30% – Amounts owed: It’s okay to owe money on your accounts, but if you are using a lot of your available credit, this may indicate that you are overextended and may miss a payment.

35% – Payment history: Payment history assesses if you have paid past credit accounts on time, a higher score comes with more on-time payments.

All three major credit bureaus use both scores, although some lenders focus on one over the other.įICO® weighs risk and consumer behavior by breaking data into 5 different weighted categories: There are multiple scoring models used by each agency, but the two primary models are FICO® and VantageScore. Īlthough credit bureaus see the same information, some weigh certain factors more heavily than others.

#CREDIT SCORE RANGES EXPERIAN EQUIFAX TRANSUNION HOW TO#

If you want to know more about how to access your free credit report, head to. Like Experian and Equifax, TransUnion offers individuals the opportunity to review their own credit and lenders to know more about potential borrowers.Īll three credit bureaus are regulated by the Fair Credit Reporting Act (FCRA), which allows each person to access one free credit report from each credit bureau per year. They use credit data and public records to give consumers and lenders confidence to transact with one another. Most people only interact with Equifax when they have to pull their credit report, but the institution also has a foundation to increase financial inclusion and credit access.įinally, TransUnion rounds out the big three. The data they collect increases accountability and integrity in the financial markets. They view themselves as positive facilitators of economic participation for people and communities. This bureau focuses a lot on financial data and security, as well as credit monitoring.Įquifax is in a similar position at the intersection of technology, finance, and data analytics. It was established over 125 years ago to help navigate the world of lending. Experian is a California-based company geared towards helping individuals monitor and build their credit.