What Makes Up a Credit Score? 0
Here a credit score, there a credit score, every where a credit score. Some of us don’t want to even think that a little 3 digit number can trouble us, but it does. Three credit reporting agencies keep track of our debt payment records; Equifax, Experian, and TransUnion with their Fico Scoring models BEACON score, Experian/Fair Isaac Risk Model, and EMPIRICA. Each agency is going to score a little bit different but here is a break down of what makes up a credit score.
This mysterious number is what determines the cost of debt to individuals. The credit score range is between 300 to 850 and currently the average is 723. The higher number means lower cost of debt, and the lower the score means higher the cost of debt. Let’s take a look what makes up a credit score.
