Financial institutions, credit card companies, car dealers, retail stores and most other lenders that issue loans use credit scores to quickly summarize a consumer’s credit history. This saves the need for the lender to manually review an applicant’s credit history thus provides a better, faster, and risk adverse decision.

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:

Before credit scores, lenders manually looked through an applicant’s credit report to determine whether to grant credit based their own unique criteria. Denial of credit could be based on any number of subjective