Credit 101

Welcome to Credit 101 We make understanding your credit report and score simple.

What is credit?

Credit is borrowed money that you use to purchase goods and services. It comes in a variety of forms, including credit cards and mortgages. Typically, interest is added on to the borrowed amount and a payment date is set.

What is a credit score?

Creditors and lenders use your credit score to help them determine how financially responsible you are. Using your TransUnion® credit report, we provide a VantageScore® credit score powered by VantageScore Solutions.

The scale for VantageScore 3.0 is 300-850. Your score is calculated from information in your credit file. That information is divided into six categories, but not every category carries the same weight. The categories are: payment history, age and type of credit, percentage of credit limit used, total balances/debt, recent credit behavior, and available credit.

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Credit Gauge

What is a credit report?

A credit report contains a list of your financial obligations and information about them, including accounts and how you pay them. There are three credit bureaus that compile reports: Experian, Equifax, and TransUnion.

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Open accounts Closed accounts Negative accounts Collection accounts
Public records Recent inquiries Name and address
Open accounts Closed accounts
Negative accounts Collection accounts
Public records Recent inquiries
Name and address