My Credit

If you are one of many Americans struggling to pay your bills, you probably have questions about your credit report and credit score. It’s likely you’re aware of its existence, but you may have some questions about how your credit is determined or improved.

How is my credit determined? 

There are three credit reporting agencies in the US that collect information about a person’s lending and repayment history to form a picture about a person’s credit. This information is used by lenders to assess your ability to manage your debt and repay your commitments. The credit bureaus capture information about the number of loans or credit cards you have, your payment history, the amount of money you owe, and how long you’ve had credit.

The three credit reporting agencies are commonly referred to as credit bureaus. They are: Equifax, Experian, and TransUnion. While information is generally consistent across the bureaus, there are subtle differences and it’s important to be aware of this.