Credit Score Types

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The following credit score information was published and provided by Experian.com on August 21, 2003.

There are primarily two types of scores, generic bureau-based scores or custom scores.

Each credit bureau can also generate its own score. The bureau-based scores draw on statistics from a large number of consumers across a variety of accounts.

Custom scores are generated by individual lenders, who rely on credit bureaus and other information, such as account history, from their own portfolios. Scores are not just used to rate the creditworthiness of consumers. Lenders also use scores to predict consumer response to offers sent in the mail, the likelihood that account holders will file for bankruptcy or that a consumer will move their account to another lender. (Experian.com, 8/21/03)