Credit Score Information

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Please use this page to find out more about your credit score and credit rating and how you can improve it. Your score will be very influencial in determining your future ability to obtain debt consolidation loans and it is important you know how to improve and maintain it to avoid the need for debt management.

What is a credit score?

It's a number lenders use to help them decide: "If I give this person a loan or credit card, how likely is it that I will get paid back on time?" A score is a snapshot of your credit risk picture at a particular point in time. The higher the score, the lower the risk to lenders.

How are they calculated?

Every score is calculated by using a mathematical formula that evaluates many types of information on your credit report, compared to information patterns in millions of past credit files. The score can then identify your level of future credit risk.

What is the most important factor to consider?

Many credit score and credit rating companies use five main factors to determine your credit score. Listed from most important to least important, these are: Payment History, Amount owed, Length of credit history, New credit, Types of credit in use. These will vary between credt rating companies but the essentials will remain the same.

Why do lenders use scores?

Scores provide an extremely valuable guide to future risk based solely on credit report data. The higher the consumer's score the lower the risk to lenders when extending new credit to a consumer. Debt Consolidation Loans often require a good credit score.

Does everyone have a credit score?

For a score to be calculated on your credit report, the report must contain at least one account that has been open for six months or longer. In addition, the report must contain at least one account that has been updated in the past six months. This ensures that there is enough information, and enough recent information, in your report to compute an accurate score. Your score also will not calculate if there is a fraud statement on your credit file or if all trade lines are disputed.

How often does the score change?

Your credit file is continually updated with new information from your creditors.

How can I improve Credit Score and Credit Rating Online?

Generally, people with high scores consistently: Pay bills on time Keep balances low on credit cards and other revolving credit products Apply for and open new credit accounts only as needed.

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