eCredable Screen Image of Lift

Get credit for your phone and utility bills with eCredable Lift™!

You may raise your credit scores in just a few days by reporting your utility and phone payments to TransUnion ®



How Is Your Credit Score Calculated?

Your credit score is a three-digit number that is calculated to gauge your reliability as a borrower. It can be used to predict whether you'll pay back your loans or pay debts on time, and it also helps to determine whether you are generally a good risk for lenders.

Credit scores typically range from 300 to 850. Each of the three credit reporting agencies (Equifax, Experian and TransUnion) calculates your score based on the information it has in your credit report.

Your credit score is determined by the information on your credit report. The formula is based on a number of factors, including:

  • The number of accounts you have
  • The types of accounts
  • Your available credit
  • The length of your credit history
  • Your payment history

If the data in your credit report is inaccurate, it will hurt your score. It’s important to generate your own full credit report at least once a year so you can identify any inaccuracies.  If you are in the process of considering a major purchase (like a car or home) in the next several months, you should check your report more frequently just to be safe.

Additionally, any bankruptcies, collections, foreclosures or other financial defaults can negatively affect your credit score. Race, gender, marital status, nationality and religion are not factors in any credit scoring models.

 

Download PDF about How is My Credit Score Calculated by clicking here