Did you know that you have something called a credit score that employers, landlords and lenders can view and use to make a wide variety of decisions about you?  A credit score is a number – ranging between 300 and 850 - that represents your creditworthiness, or the perceived likelihood that you will repay your debts in a timely manner.   The higher your score the better a credit “risk” you are, meaning that lenders feel that you are more likely to repay your debts back on time and in full.  The lower your score, the less creditworthy you are and the riskier it may be for someone to lend you money. 

Your score is based on information compiled in your credit report which is kept by three credit bureaus – Experian, TransUnion and Equifax.  These credit bureaus take all of the information compiled in your credit report – if you’ve paid your bills on time, if you’ve paid more than the minimum due on your bills, how much credit you have access to (i.e. your credit card or line of credit limits), etc. – and develops one number that reflects your demonstrated ability and willingness to repay your debt on time.  Credit scores change over time as you manage (or fail to manage) your credit and there are steps you can take to improve your credit score.