How Is Your Credit Score Calculated?
Your traditional credit score is a three-digit number that is calculated to gauge your reliability as a borrower. It can be used to predict whether you'll pay back your loans or pay debts on time, and it also helps to determine whether you are generally a good risk for lenders.
Credit scores typically range from 300 to 850. Each of the three traditional credit reporting agencies (Equifax, Experian and TransUnion) calculates your score based on the information it has in your credit report.
Your credit score is determined by the information on your credit report. The formula is based on a number of factors, including:
- The number of accounts you have
- The types of accounts
- Your available credit
- The length of your credit history
- Your payment history
If the data in your credit report is inaccurate, it will hurt your score. It’s important to generate your own full credit report at least once a year so you can identify any inaccuracies.
Additionally, any bankruptcies, collections, foreclosures or other financial defaults can negatively affect your credit score. Race, gender, marital status, nationality and religion are not factors in any credit-scoring models.
eCredable AMP Credit Report® and AMP Credit Score® gives you an option outside of the credit score generated by the national credit bureaus. eCredable gives you a way to report the bill payment accounts you wish to have included in your eCredable AMP Credit Report that are not reported to the national credit bureaus and receive a credit rating based on those accounts. The AMP Credit Score is a statistical rating model developed exclusively by eCredable to rate the payment history of all verified accounts in your eCredable AMP Credit Report. The AMP Credit Score gives a letter rating of A through F (A being the highest rating, F being the lowest rating).
Your verified AMP Credit Report contains the payment history of your monthly obligations such as rent, utilities, mobile phone providers, insurance, childcare, school tuition, personal loans and many others. Unlike a credit report from the three national credit bureaus, where creditors report their customer’s credit information automatically, your AMP Credit Report contains only the bill payment accounts you choose to have verified and included in your report. You may add new payment accounts or request updates to your AMP Credit Report at any time.
See the FAQ for more information on the eCredable AMP Credit Report and AMP Credit Score.
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