A credit score is a number calculated using information from your credit history. The credit history information comes from credit reporting agencies. Credit scores represent your creditworthiness and indicate the likelihood that you will repay a debt as agreed. They are widely used by lenders. If you have car insurance, a loan or credit cards, the premiums you are paying and your interest rates may be determined in part by your credit scores.
What Does My Credit Score Mean?
Credit scores are numbers lenders use to help them decide how likely it is that they will be repaid on time if they give you a loan or a credit card. Credit scores also are called risk scores because they help lenders assess the risk that you won't be able to repay the debt as agreed. Your scores are generated by statistical models using elements from your credit report. However, credit scores are not stored as part of your credit history. Rather, scores are generated at the time a lender requests your credit report and are delivered with the report.
Want to instantly increase your credit score? Experian Boost™ will be available in early 2019 and helps by giving you extra credit for the utility and mobile phone bills you're already paying. Until now, those payments did not positively impact your score.
This service will be completely free and can boost your credit score fast by using your own positive payment history. It can also help those with poor or limited credit situations. Other services such as credit repair may cost you up to thousands and only help remove inaccuracies from your credit report.