A credit score rates a person’s ability to pay back his debts. The scores range from 350-800. Higher the score, lower are his credit risk. A credit score and report is based on a scoring system with 35% weight to your payment history, 30% debt burden, 15% on the length of credit history,10% on types of credit cards used and remaining 10% on the inquiries and applications filled for other credits.

The need for credit bureaus rose from the era when people started extending credits to businesses. They had their own vetting process and as the cities and trade grew it became difficult to assess the creditworthiness. Vetting people became a huge challenge leading to people stepping up to solve the problem.

You can get free Credit Score is by visiting www.annualcreditreport.com , once every year. Today, three major companies dominate major market share in this industry; Equifax, Experian, and TransUnion. The above link will give you all 3 free credit reports once a year.

You can buy credit score and reports from Experian or Equifax at any point of the year. It is important to check for accuracy especially when your application is rejected. Experian Credit Tracker ™ & Equifax Complete™ are offerings from Experian & Equifax that includes Credit Score and report along with FICO score and daily credit monitoring system with mail alerts. The company also has fraud resolution support and hotline number. This is a monthly subscription service. TransUnion also offers the same service along with VantageScores.

TransUnion SmartMove® is a tenant screening service which offers landlords the opportunity to screen the creditworthiness of a tenant. Renters can use this service to keep their personal information private while the company only sends your credit score to the authorized landlord.

Any discrepancies in your credit score or misuse of your credit information, it recommended to get in contact with the credit rating agency and also informing relevant authorities.