Credit score in the United States

The factual accuracy of parts of this article (those related to Credit scoring models) may be compromised due to out-of-date information. The reason given is: References to "credit bureau branded" credit scores, like Beacon, NextGen, and Pinnacle are obsolete. Current nomenclature is a numbered FICO model with an optional industry type. If old names are to be included for historical purposes, they should be in a separate "history" section.. Please help update this article to reflect recent events or newly available information. (September 2020)

A credit score is a number that provides a comparative estimate of an individual's creditworthiness based on an analysis of their credit report.^[1] It is an inexpensive and main alternative to other forms of consumer loan underwriting.

Lenders, such as banks and credit card companies, use credit scores to evaluate the risk of lending money to consumers. Lenders contend that widespread use of credit scores has made credit more widely available and less expensive for many consumers.^[2][3] Under the Dodd-Frank Act passed in 2010, a consumer is entitled to receive a free report of the specific credit score used if they are denied a loan, credit card or insurance due to their credit score.^[4]