Experian Credit Scoring
The credit score is issued separately from the credit report. The score is used to evaluate the risk that a person poses to potential lenders or, simply put, the likelihood that he or she will default on the loan. The exact formula used in credit scoring is not known, but credit bureaus generally take into account the person’s payment history, total debt, credit limit, number and types of credit accounts, and public records. VantageScore and FICO scores are the most commonly used scoring systems. For businesses, Experian uses a different system called Intelliscore.
Credit scores are fluid numbers—they change continuously as one’s credit activities change. Experian provides customers with detailed advice on understanding and improving their credit ratings. It also works with accredited informational sites such as True Credit (truecredit.com), myFICO (myfico.com), credit.com, Credit Report (creditreport.com), and Free Credit Report (freecreditreport.com) to make information more accessible to consumers and businesses.