Factors That Impact Your Credit Score

The factors that impact a credit score varies depending on the score being used. Most of the time credit scores are affected by negative elements in your credit report. Here are a few key examples:

• The number late payments
• The severity of late payments (How many days late was the payment)
• Type, number and age of accounts currently open

• Total debt of the person
• The number and type of inquiries to the credit score

Credit bureau-based scores cannot use any type of demographics as part of any equation that goes into calculating your credit score. This is prohibited under the Equal Credit Opportunity Act, so things like race, color, religion, national origin, gender, age, marital status, receipt of public assistance, or exercise of rights under the Consumer Credit Protection Act. Such elements as income, occupation and type of residence are however used in determining a lender’s own custom credit score.