Understanding Your Credit Score

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Credit scores are developed by three separate credit reporting bureaus by interpreting data on payment history, amount of credit available and job history. Credit scores and find out how to increase credit scores with tips from a registered financial consultant in this free video on credit.

Part of the Video Series: Money Management & Personal Finance
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Video Transcript

This is financial adviser Patrick Munro talking about understanding your credit score. A credit score when looked at is a very important factor in your financial success story. And, understanding the score is important for you to know, each credit bureau as follows. The first credit bureau is called Experian, the next one is called Trans Union, and the final one is called EquiFax. Each of these credit reporting agencies interpret data on your payment history, also the amount of data that you are expending on your credit lines and of course, time on the job and various items such as this, including income. It's all loaded into a computer and out comes a score. Make sure that you always check your credit scores, find out ways to increase them, if at all possible, and then you too, will be able to enjoy a higher credit score and pay lower rates of interest on your financial instruments. These are necessary things as you go forward. This is Patrick Munro, financial adviser talking about understanding credit scores.

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