Credit score is a kind of statistical credit report which shows the creditworthiness of a person. This kind of vital information is typically asked from the credit bureaus to cross check credit information. Insurance companies, employers, landlords and government agencies normally check this before providing them any financial help, to gauge the risk by lending money to their consumers. In other words, credit score shows your payment attitude, whether you pay your credit on time or not.
In the United States of America, this score report is done by three major credit bureaus, they are Equifax, TransUnion and Experian. Many countries around the globe have their own ways to find the credit score of a person before they are given any financial assistance. Countries like Canada, India, Sweden, United Kingdom and United States of America are few of the lot who has their own agencies and system to determine the credit score of an individual.
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In the year 1958, a company named Fair Isaac Corporation also known as FICO, developed the first score system for the American Investments, which is still being used in the United States of America.
Apart from FICO there are other third party credit score systems as well which money lenders and financial institutions to evaluate the risk of lending financial assistance to the consumers. This score card is normally a multiple scorecard, which evaluates borrowers on different criteria's and their payment attitudes, which is finally calculated to determine which ranks the borrowers in a certain group of borrowers. However, credit score is not the only way that lenders use to determine whether to assist a borrower financial or not. Many lenders and financial firms use their own loss mitigation tools and scoring methods before making any decision.
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