What is a credit score?

Credit reporting industry definitions

Consumer reporting agencies

Experian

• Experian.com
  
  

  • "A credit score is a number lenders use to help them decide: 'If I give this person a loan or credit card, how likely is it I will get paid back on time?'"

  • "A credit score is a number a lender uses to decide if you’d be a good credit risk for credit cards, auto loans or home mortgage loans." (But, what about signature loans (or personal loans)?)

  • "A credit score is simply a number that represents the likelihood that you will repay a debt as agreed. Credit scores are calculated using information from your credit report at the moment it is requested by a lender."

• FreeCreditReport.com
  
  

  • (sung) "A credit score summarizes your credit history into a number that lets lenders and others quickly know how responsible you have been with your past credit accounts and loans." (YouTube channel)

  • "A credit score is a number that reflects your credit risk level, typically with a higher number indicating lower risk."

  • "A credit score is a number that is generated through the use of statistical models using elements from your credit report."

• National Score Index: "A PLUS score is a numeric representation of financial behavior, based on information found in a credit report." (see Fake-O FICO Funk)

• iplace.com
  
  

  • "Your PLUS Score is a user-friendly, consumer-focused credit score based on the information in your credit report." (see Fake-O FICO Funk)

  • "A credit score is a number that reflects your credit risk level, typically with a higher number indicating lower risk."

• CreditMatters.com
  
  

  • "Simply put, credit scoring is a method of assessing the credit risk of a loan applicant. It uses mathematical models to evaluate a person's credit worthiness based on their credit history and current credit accounts."

  • "A credit risk score is a statistical summary of the information contained in a consumer's credit report. The most well known type of credit risk score is the Fair, Isaac or FICO score. Sophisticated mathematical processes calculate the score by assigning numerical values to various pieces of information in the credit report."

• CreditExpert: "A credit score summarizes your credit history into a number that lets lenders and others quickly know how responsible you have been with your past credit accounts and loans.

• GetMyReport.com: (Nothing about "credit score," but a lot about PLUS.)

• ConsumerInfo.com
  
  

  • "A credit score is a number that reflects credit risk level, typically with a higher number indicating lower risk."

  • "Credit scoring is a scientific method that uses statistical models to assess an individual's credit worthiness based on their credit history and current credit accounts." (BEWARE: states FICO average is 620-650, and scale is 375-900)

  • "A credit score is a three-digit number that lenders and creditors use to determine a consumer's credit worthiness."

Equifax

• "Basic Definition - A credit score is a rating used by a lender to help determine whether or not you qualify for a particular credit card, loan, or service. The credit reporting companies apply an in-depth mathematical model (called an 'algorithm') to the information in your credit file to yield your credit score. Most credit scores estimate the risk a company incurs by lending you money or providing you with a service -- specifically, the likelihood that you'll fail to make payments in the next two to three years."

• "A credit score is a rating used by a lender to help determine whether or not you qualify for a particular credit card, loan, or service. The credit reporting agencies apply an in-depth mathematical model (called an “algorithm”) to the information in your credit file to yield your credit score. Most credit scores estimate the risk a company incurs by lending you money or providing you with a service — specifically, the likelihood that you'll fail to make payments in the next two to three years."

  FICO and TransUnion state that the period is only two years for FICO scores.

• "A credit score is a rating used by a lender to help determine whether you qualify for a particular credit card, loan, or service. Based on information in your credit file, the credit reporting company analyzes your information using a complex mathematical model to yield your credit score."

• (UK) "A credit score is a tool used by a lender to help determine whether you qualify for a particular credit card, loan, or service. Based on information in your credit file, the credit reference agency analyses your information using a complex mathematical model to yield your credit score."

• (Canada) "A credit score is a numeric value assigned by credit grantors to indicate how likely someone is to pay back a loan or credit card according to the agreed repayment terms. It is an indicator of the level of risk that a borrower might represent. It is used as a predictor of future performance."

• "Credit Scores are a Snapshot of Your Credit... A credit score is arrived at by applying a mathematical equation to a borrower's credit history, which results in a score that indicates what kind of credit risk that borrower represents."

• "The FICO® score, developed by Fair Isaac, the pioneer in credit scoring, is a number between 300 and 850 that lenders use to determine your credit risk."

TransUnion

• TransUnion.com
  
  

  • "What is a credit score? A credit score is a number used by lenders as an indicator of how likely you are to repay your loans. Your credit score is generated by a mathematical formula utilizing the data from your personal credit report."

  • "Credit scores are numerical summaries of your credit-worthiness based on information from credit bureaus."

  • "Your credit score is a snapshot of your creditworthiness. Credit grantors use the score to assess your default risk at a specific point in time."

  • "A credit score is the result of advanced analytical models that take a 'snapshot' of the consumer’s credit report and translate it into a three-digit number representing the amount of risk a consumer brings to a particular transaction, such as financial, insurance or even employment."

  • "A credit score is a number that may be used by lenders in some countries as an indicator of how likely you are to repay your loans. Your credit score is generated by a mathematical formula utilizing the data from your TransUnion credit history. Lenders have been using credit scores as part of the lending decision for more than 20 years and they are widely used in many countries such as the United States, Canada, Colombia, Mexico, South Africa, and Hong Kong."

• TrueCredit.com
  
  

  • "A credit score is a sum used by lenders as an indicator of how likely you are to repay your loans. Your credit score is generated by a mathematical formula utilizing the data from your TransUnion, Equifax or Experian credit reports. Lenders have been using credit scores as part of the lending decision for over than[SIC] 20 years."

  • A credit score is a number used by lenders as an indicator of how likely you are to repay your loans. Your credit score is generated by a mathematical formula utilizing the data from your credit report. Lenders have been using credit scores as part of the lending decision for more than 30 years. (alt)

  • "A credit score is a sum derived from credit report information, and it aims to predict how likely a person is to repay debt."

  • "A credit score is a numerical sum derived from the information in your credit report. Lenders, landlords, utility companies, creditors, and others use credit bureau scores to assess credit worthiness."

• TransUnion Consumer Solutions: "Credit score - A mathematical calculation that reflects a consumer's creditworthiness. The score is an assessment of how likely a consumer is to pay his or her debts."

AnnualCreditReport.com

"A credit score is a complex mathematical model that evaluates many types of information in a credit file. A credit score is used by a lender to help determine whether a person qualifies for a particular credit card, loan, or service. Most credit scores estimate the risk a company incurs by lending a person money or providing them with a service –– specifically, the likelihood that the person will make payments on time in the next two to three years. Generally, the higher the score, the less risk the person represents."

FICO

• "What is a credit score? A credit score is a number that summarizes your credit risk, based on a snapshot of your credit report at a particular point in time. A credit score helps lenders evaluate your credit report and estimate your credit risk."

• (click on the second tab, "About FICO scores") "FICO® scores are your credit rating"

• "Credit score. This term is often used to refer to credit bureau risk scores. It broadly refers to a number generated by a statistical model which is used to objectively evaluate information that pertains to making a credit decision."

• "FICO scores help lenders make accurate, reliable and fast credit risk decisions across the customer lifecycle. The scores rank-order consumers by how likely they are to pay their credit obligations as agreed... FICO scores are highly predictive measures of applicant and customer risk."

• "A credit score is a number that helps lenders and others predict how likely you are to make your credit payments on time."

Federal Government

Federal Trade Commission

• "What is credit scoring? Credit scoring is a system creditors use to help determine whether to give you credit. It also may be used to help decide the terms you are offered or the rate you will pay for the loan."

• "Credit scoring is a system creditors use to help determine whether to give you credit, and how much to charge you for it."

• "Credit scoring: Most creditors use credit scoring to evaluate your credit record. This involves using your credit application and report to get information about you, such as your annual income, outstanding debt, bill-paying history, and the number and types of accounts you have as well as how long you’ve had them." (Some lenders' scores may count income, but credit bureau scores do not.)

• "Your credit score is a number that reflects the information in your credit report."

• A credit score is a numerical representation of a consumer’s credit risk based on information in the consumer’s credit file.

Department of the Treasury

• "Credit scoring is a system creditors use to help determine whether to give you credit, and how much to charge you for it."

• "One common way by which lenders classify borrowers’ credit characteristics is through FICO or other credit scores. A credit score assigns a single quantitative measure, or score, to a potential borrower that represents an estimate of the borrower’s future loan performance... A borrower’s credit score is designed to capture a discrete set of elements that contribute to risk, and in addition to the loan terms is the primary metric that lenders use to price a loan."

• "FICO scores are intended to show the likelihood that an individual might default on a debt based on past credit history."

Department of Housing and Urban Development (HUD)

• "Credit Score: a score calculated by using a person's credit report to determine the likelihood of a loan being repaid on time. Scores range from about 360 - 840: a lower score meaning a person is a higher risk, while a higher score means that there is less risk."

• "Credit Score: A score calculated by using a person's credit report to determine the likelihood of a loan being repaid on time. Scores range from about 360 - 840: a lower score meaning a person is a higher risk, while a higher score means that there is less risk."

• "FICO Score: FICO is an abbreviation for Fair Isaac Corporation and refers to a person's credit score based on credit history. Lenders and credit card companies use the number to decide if the person is likely to pay his or her bills. A credit score is evaluated using information from the three major credit bureaus and is usually between 300 and 850."

Federal Deposit Insurance Corporation (FDIC)

• "What is a credit score and why is it important? A credit score is a number calculated by a credit bureau, a lender or another company intended for use in making a decision on a loan application or other product or service. (For example, many lenders use a system developed by Fair Isaac and Company called the "FICO score.") Think of credit scoring as a point system based on your credit history, designed to help predict how likely you are to repay a loan or make payments on time."

• "A credit score is a numerical summary that reflects how risky someone is as a borrower. Among other things, it takes into account how well the person has handled credit in the past. Lenders look at a credit score when deciding on loan applications."

• "Credit scoring is a system used to evaluate an applicant’s creditworthiness, based on the key attributes of the applicant and aspects of the transaction." (broad, lending definition)

• A credit score is a number that is based on your credit report and reflects your financial responsibility.

• "It's a number calculated by a credit bureau, a lender or another company based on your credit report. A credit score is intended to help lenders and other users of credit reports make reasonable decisions as quickly and efficiently as possible."

• "A credit score is a number calculated by a credit bureau, a lender or another company intended for use in making a decision on a loan application or other product or service. (For example, many lenders use a system developed by Fair Isaac and Company called the "FICO score.") Think of credit scoring as a point system based on your credit history, designed to help predict how likely you are to repay a loan or make payments on time."

• "A credit score is designed to predict the likelihood that a borrower will repay a loan, based on historical outcomes of loans to borrowers with similar characteristics."

Federal Citizen Information Center (FCIC)

"A credit score is a number that helps lenders and others predict how likely you are to make your credit payments on time. Each score is based on the information then[SIC] in your credit report." (alt)