My Credit Score
 

topics

Debt consolidation: How it can help your credit report

Credit bureaus: What’s the difference between TransUnion, Equifax, and Experian?

My credit report: What is a Real Estate Account and how does it relate to my credit report?

My credit report: What is a Revolving Account and how does it relate to my credit report?

My credit report: What is an Installment Account and how does it relate to my credit report?

My credit report: What is a Collection Account and how does it relate to my credit report?

My credit report: What are my Public Records and how do they relate to my credit report?

My credit report: What is a Credit Inquiry and how does it relate to my credit report?

My credit report: What is a Credit Account History and how does it relate to my credit report?

My credit report: What details are listed per credit account in my credit account history in my credit report?

PLUS Score report: What is a PLUS Score and how does it relate to my credit report?

PLUS Score report: What does a PLUS Score mean?

PLUS Score report: Who uses a PLUS Score?

PLUS Score report: What factors lower your PLUS Score?

 
 
 
 

PLUS Score report: What is a PLUS Score and how does it relate to my credit report?

 

A PLUS Score is a consumer credit scoring model developed by Experian, a consumer credit reporting agency. It’s a numerical representation of a potential borrower’s credit risk. The mathematical model is used to predict the level of risk associated with a specific borrower based on the borrower’s credit history. A person with a score of 800 would be considered a very low risk, while a potential borrower with a score of 500 would likely have a much lower chance of qualifying for a loan.

The PLUS Score is derived from information listed in your credit report. While each credit bureau uses a different model to calculate a credit score, the score at each bureau is considered roughly equal. However, the Washington Post reported on May 12, 2001 that the credit score of an individual can vary significantly from one credit agency to another. For this reason, it may be a good idea to review your report in all three agencies.

The factors that are weighed in determining your PLUS Score may include the combined balance owed and credit limit on open revolving accounts, the number of credit application inquiries and the number of accounts where payments are late. The score is designed to help consumers understand better what factors are driving their score up or down, regardless of which bureau issued the score. With a better understanding of these factors, consumers may be in a better position to improve their scores and their ability to qualify for additional loans.

 

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