A credit score is a number generated by a mathematical algorithm, based on the statistical analysis of information in your credit report, compared to information on millions of other people. The number is a highly accurate prediction of how likely you are to pay your acounts. A number, roughly between 300 and 999, which measures an individual's credit worthiness.
Your credit rating is made up of information found in your credit report and can be grouped into the following main groups:
- Payment History
- Amounts owed / Account Utilisation
- Age of Accounts
- Judgments and Defaults
Remember, it's all about your CREDIT score!