Don’t Get Too Hung Up on Your Credit Score
News from Opposing Views:

By Barrett Burns

It may sound strange coming from the president and CEO of a credit scoring company, but when I meet someone obsessing over his or her credit score, I always tell them the same thing: don’t worry so much about being up 10 points or down 20. Instead, focus on the direction your score is moving in and investigate how individual items in your history are helping or hurting your credit profile. Once you put that knowledge into action, and can do more of the positive behaviors and minimize the negatives ones your good score will come. Here’s how it works.

Credit score models like VantageScore® are “generic” models, meaning they are made available for use by all consumer loan providers. Generic credit score models calculate a score by running a consumer’s payment and debt management information found in their credit file through a complex mathematical formula to derive a 3-digit number. Most credit score models result in a number − the higher the number, the better the score. And if the consumer properly considers the information in the credit file, and manages debt behavior in a responsible manner, the score should…………… continues on Opposing Views

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