Understanding the credit score ranges for the various reporting agencies is an excellent idea. Keep in mind, a higher score is going to be better for you, since it gives lenders a good idea of your credit worthiness. The higher your score, the more credit worthy you are. The lower the score, the more of a risk you may pose to lenders. Traditionally, FICO scores fell between 300 and 850. Today, both TransUnion and Equifax use those similar score ranges, while Experian uses a credit score range between 330 and 830. Keep in mind, your credit score can change when your credit report changes. Your score is used to predict your overall credit health and credit worthiness. However, the same credit information is the basis for each score, meaning that no one score is the “best” score. Even if your scores vary a little bit by credit reporting agency, there is no need for concern.
Posted on: Wed, 24 Jul 2013 16:55:02 +0000