Credit bureaus, do not determine your credit score. Credit scores are calculated based on third-party credit-scoring models. They use information from your credit reports, including credit activity sourced from credit bureaus, to calculate a credit score.

Your credit score is generated based on the information in your credit report. But they do give the weights of various criteria that they look at: 35% payment history, 30% amount owed, 15% length of history, 10% new credit, 10% types of credit used.

Credit scores reflect the information in your credit report at the moment the credit score is calculated. The scores will change to reflect changes in your credit report. You control how you use credit, so you play an important role in determining whether your scores trend upward or slip downward. If you consistently make good credit decisions, your scores will trend upward over time.

Reviewing your credit report helps you manage your credit and gives you a full picture of what lenders see. Monitoring your credit report is as important as reviewing bills and bank statements, as your credit is an integral part of your overall financial health. Additionally, with an increase in phishing and cyberscams as a result of COVID-19, it’s especially important to stay informed about your credit report, so that you can dispute anything you believe may be inaccurate and ensure that there is no evidence of fraud that could impact your score.

Are lending decisions based solely on my credit score?

No, credit scores are just one factor in lenders’ decision-making process. Lenders consider additional information when making a decision, such as employment status, income and information about a consumer’s assets and liabilities.

In the wake of COVID-19, lenders may start to tighten their credit standards – meaning consumers may need a higher score to receive a loan. Because of this, it is important to be proactive and take action to mitigate any potential negative impact on your credit score. If you’re worried you may miss a payment, contact your lender to discuss your options.

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*Individual results may vary. Please call for more details and to discuss your own individual situation