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Equifax is 1 of the leading credit reporting bureaus and is well-versed in calculating your credit score based upon your credit history. Your credit score assists lenders to figure out if you a credit worthy and your credit score can maintain you from acquiring a loan from a lender.

To figure out your credit score, Equifax uses a mathematical equation on details that is gathered from your credit file. This equation compares is against patterns seen on other files. The range of credit scores go from 300 to 850 and the greater it is, the much better it is. As your data changes on your credit report, so will your credit score. It is very unlikely for some a single to have the same score from month to month.

Equifax looks at numerous elements to determine your credit score. The following are just some of the aspects that aid them to calculate your score.

Payment History-If you have late payments reported on existing or previous accounts, these will reduced your score.

Credit Owed-If you owe too much on your readily available credit, it will influence your score, specially if you are maxed out or close to it.

Credit History-How long youve had credit will also influence your score. If youve only had credit for a few months compared to many years, youre credit score will be impacted.

Inquiries-If youve applied for credit with numerous lenders and creditors, it may reduced your score.

Judgements, Bankruptcies, Collections-Any accounts that have been sent to collection or you have been taken to court on, including bankruptcy, will reduced your score.

These, of course, are only a few of the factors that will influence your credit score.

If your credit score is not where you want it to be, there are approaches that you can enhance it.

The most critical thing you can do to enhance your credit score, however, is to spend your bills on time. If you do have a circumstance that you can not spend your bills, make certain you consist of a letter of explanation. This will be integrated on your credit report an calculated toward your credit score.