Credit Scoring
Equifax also issues a credit score, which is basically a rating of one’s creditworthiness. The score used by Equifax is known as Score Power; other bureaus use their own scoring systems and trade names. It also offers VantageScore, which is a newer scoring system devised by all three companies. The Fair Isaac Corporation (FICO) score, the most widely used scoring system, is also available from the company.
It is not known how the score is calculated, as credit bureaus do not disclose their exact formulas. However, the following factors are usually taken into account: payment history, inquiries made, control of debt, amount of debt, and public records such as foreclosures and bankruptcy filings.
Several affiliate sites offer information on obtaining, understanding, and improving one’s credit score. These include credit.com, True Credit (truecredit.com), Credit Report (creditreport.com), and Free Credit Report (freecreditreport.com). The myFICO website (myfico.com) provides specific information on FICO scoring and calculations.