Process Terms
Credit Score: Definition
A numerical representation of creditworthiness.
Definition
A Credit Score is a three-digit number calculated from credit report data that represents a consumer's creditworthiness. Common scoring models include FICO Score and VantageScore. Scores are influenced by payment history, credit utilization, length of credit history, credit mix, and new credit.
Usage Notes
- Calculated from credit report data
- Different models produce different scores
- Higher scores indicate lower risk
Related Terms
More Process Terms
Dispute
A consumer's challenge to the accuracy of reported information.
ACDV (Automated Consumer Dispute Verification)
The system used by bureaus to process consumer disputes.
e-OSCAR
The industry system for processing credit disputes electronically.
File Submission
The process of sending Metro 2 data to credit bureaus.
Credit Report
A detailed report of a consumer's credit history.
Tradeline
A record of a single credit account on a credit report.
Soft Inquiry
A credit check that doesn't affect credit scores.
Hard Inquiry
A credit check that may affect credit scores.
Simplify Credit Reporting
Metro2 software handles all the complexity of Metro 2 format compliance, so you can focus on your business.