May 18, 2007, Newsletter Issue #62: Credit Scores

Tip of the Week

Credit.com Tip: To determine if you qualify for credit, a financial institution may review your credit scores. These scores are available through each of the three big credit reporting agencies – Experian, Equifax, and TransUnion.  Each one uses a different formula to determine your credit score.  In addition, since they operate independently of each other, the information available through each one will vary.  A financial institution will often pull all three reports to make sure they have your complete credit history.

If you want to get an estimate of your credit score, visit a site like Credit.com and use their Credit Score Compass. It will take through a series of questions which provides insight into your credit score ranking.

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