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How the credit score is calculated?

There are three main credit bureaus, namely Experian, Equifax, and TransUnion who calculate credit scores and provide credit reports. All of them have different calculation formulae, influencing factors, and the scoring scale so your credit score from each of these agencies will differ. The main scoring models are called VantageScore and FICO and based on them you can score anywhere between 300 and 850, where the higher the number, the better the score. So people having the score 740 and above are considered to have an excellent credit score and hence will receive the lowest interest on their loans. Individuals with the scores 650 and lower will have significantly higher rates and so will need to provide much more convincing documents to get a loan at all.

The most important factors for credit score calculations include payment history and the amount of money you currently own, at a lesser extent your credit history length, any new credits, and their types will also be accounted for. Remember that no personal information, such as gender, race, religion, marital status, or origin, can even make an impact on your credit score.

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