| 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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