However, where one model might focus on your payment history, another may focus on your total debts. Credit scoring models generally take the same parts of your borrowing history into account. Other credit scoring companies use their own formulas. These CRAs use similar but not identical formulas to calculate credit scores. There are three nationwide credit reporting agencies (CRAs) - Equifax ®, Experian ® and TransUnion ®. It's a myth that you only have one credit score. Why do I have more than one credit score? territories of Puerto Rico, Guam and the Virgin Islands. Here are the average credit scores, in every state, plus the U.S. The average credit score in the United States as of February 2021 is 698 based on the VantageScore 3.0 credit score model. How do average credit scores compare state by state? It may also include negative financial events such as a bankruptcy. This includes your payment history on credit accounts, the credit you use compared to total credit available and the length of your credit history. Credit scores help lenders decide whether to grant you credit.Ĭredit scores are calculated based on past financial habits.
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