What role do the three credit bureaus play in your credit history and score?

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  • August 21, 2023 at 9:17 pm #11502
    Team StellarFi
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    Credit bureaus compile credit reports based on the information lenders provide them about your credit activity. The three major credit bureaus are Equifax®, Experian®, and TransUnion®. These reports are a record of your credit history and factors like how much debt you currently owe, how much you have paid off, how many new credit accounts you have, and if you have missed any payments.

    Credit scores are calculated based on the information in your credit reports. The two most widely used credit scores are FICO® Score and VantageScore®. The scores range from 300-850.

    Your credit reports and credit scores are used by lenders to decide your creditworthiness – how much of a risk you pose to them as borrowers and whether you will be able to pay bills and installments on time. Based on this information, lenders decide whether they will approve your loan or credit card.

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StellarFinance, Inc. and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.

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