Banks Use Equifax

Credit Report Scores - Who Determines Them?

There are three major credit reporting agencies: , , and .

Each of these credit reporting agencies receives information from credit grantors such as credit card companies, stores granting credit, mortgage companies, and banks. They compile your credit history and compute your credit report scores.

They provide your history and credit report scores to others who have a genuine interest in your credit worthiness.

Credit Report Scores - Computing Then

Your credit report scores are based on factors that appear in your credit reports:

• Bill payment history (Good: on time and for the full amount)
• Total outstanding debt (Good: non-mortgage loan payments less than 5% of gross income)
• Types of debt (Good: mortgage, car loans, Bad: high credit card debt)
• Length of credit history (Good: 3 or more years of on time payments)
• Credit inqueries (Bad: many rejected applications)

The Equal Credit Opportunity Act (ECOA) prohibits certain factors from being used in determining your credit report score:

• Personal details such as sex, marital status, age, race, national origin, or because you receive public assistance income
• Sources of income such as regular alimony, child support, or separate maintenance payments

The Equal Credit Opportunity Act provides actions for you to take if suspect unauthorized factors are being used to deny you credit.

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Description:	Credit report scores affect your ability to get a loan, buy a home, and even get a job. Find out how to see and improve your score.
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