The statistical probability of you defaulting on a credit facility, expressed in a simple number to help credit underwriters to handle them. In general terms credit scores run between 0 -1000, with 1000 being the best score (the least likely to default). See also Fair Isaac.
There is no universal scoring system – each credit reference agency and lender have their own scorecards and criteria and as such you do not have a definitive credit score. Every credit scorecard is different, as each is developed specifically for a particular type of lender. What works well for a credit card company might not work as well for a mobile phone supplier for instance. Checkmyfile’s scoring system is the only one based on the likelihood a lender would accept you for a credit commitment based on the information within your file.
The way your rating is calculated is a hugely complicated process. It is a very dynamic mechanism which changes constantly and can fluctuate between 10 and 30 points without any new information showing on your file. Your credit score never remains totally still and in addition to your credit account and Electoral Roll information, factors such as age and geodemographic information also continually change and have an impact.
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