Understanding Scores & Reports

Understanding Scores & Reports

A credit score is a snapshot of your credit risk picture at a particular point in time. It changes as new information is added to your credit file and old information drops off. There are three major consumer credit reporting agencies. Although each one uses a different algorithm, there are five major components to what makes up your credit score: payment history, amounts owed (owing a great deal of money on many accounts makes you a higher credit risk), length of credit history (a longer credit history will increase your score), new credit (opening several accounts in a short period of time represents a greater risk to lenders), and your mix of credit (creditors like to see consumers with a combination of installment and revolving loans).

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