Understand How Credit Bureaus Measure Your Financial Well-Being
Consumer Guide to Credit Reporting
Understand How Credit Bureaus Measure Your Financial Well-Being
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The account information on your credit report can be provided to the bureaus by creditors. Creditors can be your bank, credit card issuer, loan company, and even a collection agency or debt buyer. They may report their information to all major credit bureaus or to only some. For more information on Sphinx's Credit Reporting Policy, please visit our FAQs.
Interested in a credit card, loan, apartment, home, or even a new job? In some cases, these types of institutions will take your credit score into account during their decision-making.
Banks
Credit
Card Issuers
Property
Managers
Employers
A credit score exists as an indicator of your financial wellness. While a credit score reflects past financial choices and decisions, it is used as a forward-looking tool to evaluate how timely and consistently you will make payments. Therefore, it is important to understand the impact your current financial choices can have on building credit for your financial future. A good primer on credit scores is available free from myfico.
What Makes up a Credit Score?
If you understand how a credit score is calculated, it's easier to build or repair your credit. There is no standard calculation for credit scores, so the three major credit bureaus, Equifax, TransUnion, and Experian may all have differing scores for the same individual. Another reason they provide different scores is that not all creditors report to all three major credit bureaus. While there is no concrete guide to building or repairing credit, the following things typically impact most individual's scores:
