Your credit score is generally based on your potential and likelihood to repay debt, and you have a score with each of the country’s three major credit bureaus: Equifax, Experian, and TransUnion. They typically use scoring models from FICO and VantageScore and may also use their own “proprietary models,” so your score can vary slightly depending on which credit bureau provides it.When monitoring your credit score over time, be sure to obtain your score from the same source on each occasion to avoid discrepancies in your evaluation.Your credit score is affected by the consistency of your payments and the statuses of your various accounts. The scoring models used by FICO and VantageScoreuse many common factors to calculate credit scores, including how much debt you hold, your payment history, how long you’ve had credit and in what forms (auto, credit card, mortgage, student loans, etc.), “hard inquiries” on your credit report, and how you are using your credit limits.It is possible to have your credit score and report updated weekly to help you identify potential identity theft as well as the immediate effects of certain credit-rebuilding efforts. It’s also important to remember that certain lenders may use particular scoring models to calculate your score, such as auto lenders using a different model than mortgage lenders.
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