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How to calculate credit score?

By Derek Brown
Published: Sunday, September 20th, 2009

Your credit scores are calculated by putting all the information of your credit report into specialist software to determine the credit report. But the three credit reporting agencies use different software, so you shouldn’t be surprised to find out that you have three different credit scores from three reports. 

The software generally looks into the five different sections in your credit report: 

  1. Your payment history
  2. The outstanding amount that you owe
  3. The credit history’s length
  4. Different types of credits you have used
  5. Your latest credit

 In fact you can improve your credit history and increase your chances of getting loans by working on these five points of your credit history.

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