A credit score is a number derived from a formula based on an individual's creditworthiness and on credit report data typically provided by one of the three major credit bureaus: Experian, TransUnion, and Equifax.
There are different methods of calculating credit scores. FICO, the most widely known type of credit score, is a credit score developed and patented by Fair Isaac Corporation. FICO scores are used by many lenders and financial institutions.
The credit bureaus all have their own credit scores: Equifax has ScorePower; Experian has PLUS score; and TransUnion's has the TransRisk score. Each bureau also sells the VantageScore credit score.
In addition, many large lenders, including the major credit card issuers, have developed their own proprietary scoring models to measure consumers' credit worthiness.
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