Your credit score is a number rating between 300 and 850 that tells lenders how likely you are to pay back the money they lend you. It is based off of your entire history of taking out loans and paying them back. There are three major credit scoring bureaus in the United States that are responsible for gathering information and assigning you a credit score: Experian, TransUnion, and Equifax. The most commonly used type of score is a FICOFICO is the most widely used credit score. Your credit score can range from 350-800. A hig... score, but other companies offer similar scores.

Your credit report is simply the record all your credit history information that companies use to compile your credit score.

A credit check is a service that tells you what your credit score is. Some services are totally free, and some charge you money but give you extra information.

The credit bureaus will generally look at five pieces of your credit history to determine your credit score. In order of importance, they are the following:

• Payment history: 35%

  • Whether you pay your bills on time. For example, do you pay your credit card bills on time every month, or are you late sometimes? If you are frequently late on payments, it could hurt your credit score.

• Total amount owed: 30%

  • How much of your available credit are you using? This is called your “credit utilization ratio,” and all it means is that if you have a credit line of $1,000, and your balance is $500, your credit utilization ratio is 50%. If that number gets too high, it could hurt your credit score.

• Length of credit history: 15%

  • How long have you been borrowing money? If you got your first credit card last month, your credit score will likely be lower because a lender still doesn’t know if you’re good at paying your bills on time. If you’ve been using credit cards for years, a lender can see if you’ve always paid your bills on time.

• Types of credit: 10%

  • Have you taken out different types of loans? If you have a car loan, a mortgage and a credit card, you can show lenders that you pay your bills on time no matter what.

• New credit: 10%

  • Have you taken out a lot of new loans recently? If you open up too many new credit cards, it could hurt your credit score in two ways. First, it makes your average length of credit history lower. Second, it can hurt your score if the lender performs a hard credit check. That said, everybody needs to get started somewhere.

Crediverso partners with a credit bureau to get your credit score. When you request pre-approved offers or credit score report, Crediverso will request the credit score from the credit bureau through our Credit Score API.

Our credit bureau partners need to verify that the person requesting the credit report and information is you and hence, they use SSN to verify your idenitity to pull your credit information.

Yes. You can visit the credit bureaus’ websites and request your credit score without SSN. You can also provide ITIN as a personal identification number to get the credit score.

A FICO score is a type of credit score created by the Fair Isaac Corporation. Banks and financial institutions use borrowers' FICO scores along with other details on borrowers' credit reports to assess credit risk and determine whether to extend credit. FICO scores take into account various factors in five areas to determine creditworthiness: payment history, current level of indebtedness, types of credit used, length of credit history, and new credit accounts. Under federal law you are entitled to a copy of your credit report annually from all three credit reporting agencies - Experian, Equifax and TransUnion - once every 12 months. To get your annual credit report online, and by phone or mail, visit www.AnnualCreditReport.com.

A VantageScore is a credit score jointly developed by the Equifax, Experian and Transunion - three major credit bureaus to predict a borrower’s creditworthiness. It is used by lenders, utilities, and financial institutions to evaluate how likely you are to repay borrowed money. It is a competitor to FICO.

Credit Score Simulator is a tool that can recommend the best actions to improve your credit score. It simulates possible actions and impact on your credit score. The example of Credit Score Simulator recommendation is “Your credit score will be 769 in make regular payment for three months” or “Your credit score will be decreased by 10pt if you take out a $200,000 mortgage”

Equifax, Experian and TransUnion are the three main consumer credit bureaus. Most lenders will only check your credit report and score with one of the bureaus. The benefits of the three-bureau credit report is you can point out the lenders to the bureau that you have highest credit scores.