Equifax is one of the top credit reporting bureaus and is well-versed in calculating your credit score based upon your credit history. Your credit score helps lenders to determine if you a credit worthy and your credit score can keep you from getting a loan from a lender.


To determine your credit score, Equifax uses a mathematical equation on information that is gathered from your credit file. This equation compares is against patterns seen on other files. The range of credit scores go from 300 to 850 and the higher it is, the better it is. As your information changes on your credit report, so will your credit score. It is very unlikely for some one to have the same score from month to month.


Equifax looks at many factors to determine your credit score. The following are just some of the factors that help them to calculate your score.


Ÿ Payment History-If you have late payments reported on current or past accounts, these will lower your score.

Ÿ Credit Owed-If you owe too much on your available credit, it will affect your score, especially if you are maxed out or close to it.

Ÿ Credit History-How long you've had credit will also affect your score. If you've only had credit for a few months compared to several years, you're credit score will be affected.

Ÿ Inquiries-If you've applied for credit with several lenders and creditors, it may lower your score.


Ÿ Judgements, Bankruptcies, Collections-Any accounts that have been sent to collection or you have been taken to court on, including bankruptcy, will lower your score.


These, of course, are only a few of the factors that will influence your credit score.


If your credit score is not where you want it to be, there are ways that you can improve it.
The most important thing you can do to increase your credit score, however, is to pay your bills on time. If you do have a circumstance that you can not pay your bills, make sure you include a letter of explanation. This will be included on your credit report an calculated toward your credit score.

JP Burkhart recommends that you visit Equifax credit scoring for more information.

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  • About: eqifax

    You go into a lender's office prepared to apply for and receive a
    loan. After all, you've done your homework, you've pulled your
    credit reports and you know what your credit scores are--you even
    got one score from each of the three major credit bureaus:
    Equifax. Experian, and TransUnion. You are shocked when your loan
    is denied, or maybe you were approved, but the interest rate is
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    you think. It all depends on there you got it and what kind of
    credit score it is.

    The fact is there are several different credit scoring methods.
    Credit scores calculated from the same credit reports can differ
    substantially from credit scoring method to credit scoring
    method. So how can you ever know what your credit score really
    is? Well, luckily, 75% percent of lenders use FICO scores
    exclusively and you can purchase FICO scores yourself--you just
    have to know where to go. (www.myfico.com)

    FICO credit scoring is a numeric method of scoring your credit
    worthiness developed by Fair Isaac and Company. Your credit score
    is a number between 300 and 850 that tells creditors how likely
    you are to pay your bills. The higher the number, the better it
    looks to potential lenders and creditors.

    The three major credit bureaus each have their own version of the
    FICO score: Equifax uses the Beacon system, TransUnion uses the
    Empirica system, and Experian uses the Experian/Fair Isaac
    system. Despite each credit bureaus' use of their own versions,
    all systems are based the original Fair Isaac FICO scoring
    method, so each credit score calculated with these systems are
    generally called FICO scores. However, although most lenders do
    use FICO scoring, some lenders may have their own scoring
    methods.

    There is only one place where you can get your FICO score from
    all three bureaus and that is at www.myfico.com. If you order
    your credit score from anywhere else, again be aware that these
    scores are "FAKOs" (or "fake") and can differ considerably from
    your FICO credit scores.

    Adding to the confusion is the credit bureaus themselves.
    Recently, Experian revealed that the national average credit
    score of its consumers is 678. This is very misleading to the
    average consumer. When you buy your credit report and score
    directly from Experians website, you are getting what they call
    the "PLUS Score," which is NOT a FICO score, and is NOT used by
    lenders anywhere. (Equifax is the exception--you can buy your
    FICO score directly from them at their website; however, the only
    place to get all three scores together is at www.myfico.com.) The
    678 PLUS Score reported by Experian is actually the average of
    consumers' PLUS Scores, not their FICO Scores.

    Clearly, the PLUS Score (and all Non-FICO scores) are useless.
    Not only that, but such hype misleads consumers into purchasing
    their PLUS Score thinking that they are getting the same credit
    score that their lender will use. Non-FICO scores are worthless
    not matter what the credit bureaus or any website selling
    non-FICO scores claim. Even a few points difference in your
    credit score can mean confronting the reality of the loss of
    thousands of dollars out of your pocket--a loss that you probably
    didn't plan for. The next time you want the most accurate credit
    score available, do yourself a favor and get the industry
    standard: the FICO credit score.