DEG Password Management Guide - Credit Report, Credit Scores
Credit Scores
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Credit Scores Balancing Credit and Debt to Maintain Credit Worthiness
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Credit Scores. Balancing Credit and Debt to Maintain Credit Worthiness. Credit Score. Rating agencies Experian Equifax Transunion May contact these agencies when there is a discrepancy between reported score and actual financial activity. - PowerPoint PPT Presentation
Transcript of Credit Scores
Credit ScoresBalancing Credit and Debt to Maintain
Credit Worthiness
A numerical expression of a person’s credit-worthiness
Based on a formulaic calculation by different rating agencies
Rating agencies◦ Experian◦ Equifax◦ Transunion
May contact these agencies when there is a discrepancy between reported score and actual financial activity
Credit Score
Credit Score Scale
-Provides lenders with a rating system for
determining rates for a potential customer
Average score is “Fair” for American – primarily a result of the typical
negative savings rate for most Americans.
Influences on Individual Credit Score
Breakdown of RatesMany people have what is
considered to be “good” credit