PDFCED | 300-850 - What are these? These are the credit score ranges. Of course, the higher number represents the borrowers who have a better credit score than those with lower scores. The three most commonly used credit bureaus are: Equifax®, Experian®, and TransUnion®. Borrowers need to better understand how these 3 Bureaus derive these numbers and why the credit score is so important. Mathematical formulas are used to calculate the credit scores. They take into account an individual's current payment history, debts (current and past), credit history and inquiries by other creditors or employers. Once the credit score has been obtained, that information may be used by a bank or creditor to determine the approval status of a loan application |

 understand what credit is,
 be able to explain how a credit score is determined,
 be able to understand what components affect a credit score,
 be able to explain how to correct errors on a credit report,
 and better understand credit repair services, and the pitfalls.

Equifax®
P.O. Box 740241, Atlanta, GA, 30347
(800) 658-1111
http://www.equifax.com

Experian®
P.O. Box 949, Allen, TX 75013
(888) 397-3742
http://www.experian.com

TransUnion®
P.O. Box 2000, Chester, PA 19022
(800) 888-4213
http://www.transunion.com