Identification

• A credit score, according to www.consumersunion.org, is defined as "a three-digit number based on a borrower's bill-paying history and debt profile and statistical information about other borrowers that lenders use to determine the likelihood of certain credit behaviors."
  
  

Maximum Score

• Credit scores can range between 300 and 850. The higher your score, the better. According to www.consumersunion.org, the scores of average consumers fall within the 600s and 700s.
  
  

Credit Bureaus

• There are three major credit bureaus that banks rely on to check your credit score: Equifax, Experian and TransUnion.
  
  

Free Credit Scores

• The U.S. government has set up a website, www.annualcreditreport.com, where each of the three major bureaus must provide a free credit report to you once every year. By staggering each report by four months, you can receive three updates every year on your credit score.
  
  

Considerations

• According to www.consumersunion.org, the major factors that can influence your credit score include: "previous payment behavior, how much you owe, how long you have held outstanding credit, whether there are a lot of inquiries in your file from prospective lenders, the type of credit you use, and how much credit is available to you."