Your Credit Report Audio Feature (Audio)
Your credit history is maintained by all three major credit bureaus: Experian, Equifax, and TransUnion. These credit bureaus, or credit reporting agencies as they are sometimes called, generate your credit report based on account information and payment information they receive from your creditors. As creditors report new information, your credit report is constantly updated.
Based on the information contained in your credit report, each credit bureau assigns you a credit score, sometimes called a FICO score. While the generic term for a credit report is referred to as a FICO score, based on credit scoring formulas originating from the Fair Isaac Company, the fact is, all three credit bureaus have their own name for their particular FICO score:
Equifax calls it the Beacon Score. Experian refers to it as the Experian/Fair Isaac Risk Model Score, and TransUnion calls your credit score the EMPIRICA Score. The bottom line: All of these credit scores are fairly similar. The difference is: all three credit bureaus use a slightly different formula to calculate your credit score. That's why your credit score will vary from credit bureau to credit bureau.
Most credit scores range between 450 and 850. The higher your credit score, the better chance you have of saving a lot of money on virtually everything you finance, from a home or refinance, auto loan, even credit cards. Your credit score can even affect your insurance rates. At stake can be tens of thousands of dollars or much more over the life of a consumer. It's very important to stay on top of your credit, your credit score, and your credit report. With the resources available today, you have everything you need at your fingertips to become your own personal credit expert. Take control of your credit. You can get started today.
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