Your credit score.docx - Credit Scores Your credit score is...

This preview shows page 1 - 2 out of 2 pages.

Credit Scores Your credit score is a three-digit number that can determine whether or not you get a loan and at what rate. Many insurance companies also use credit scores to decide what you pay to protect your home and belongings from damage. So, what does your credit score say about you? How can you get it? And how can you improve it? Credit scoring was developed by Fair Isaac & Co. in the United States to help credit bureaus assess the risk to lenders. Equifax, one of Canada’s two major credit bureaus, is licensed to use the FICO score, known as the Beacon score here. Its rival, TransUnion, uses a slightly different score (called Empirica). Your credit score is not the same as your credit report, which shows your payment history. The credit report is free for you to check, but you can’t get your credit score without paying $15 to $25 or so to check it online. Ignore any offers of free credit scores. They’re only teasers to sell you something else, such as a monthly credit monitoring service.
Image of page 1

Subscribe to view the full document.

Image of page 2
  • Spring '12
  • Vallier
  • Personal Finance, Credit scores, credit score, Credit history

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern