Credit Score - All You Need to Know AboutWhat's does your credit score mean? And why is it so important? When you apply for any type of credit the lender will evaluate you based on your risk to them. The tool they use to assess your risk is your credit score or FICO score. FICO scores are how most lenders determine your risk. You have three FICO scores, one for each of the three credit bureaus: Experian, TransUnion, and Equifax. Each score is based on information the credit bureau keeps on file about you. As this information changes, your scores tend to change as well. Your 3 FICO scores affect both how much and what loan terms (interest rate, etc.) lenders will offer you at any given time.
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