A credit rating is a numerical expression based on a statistical analysis of a person’s or organization’s credit history, used by lenders to evaluate creditworthiness. It is one of the most important factors lenders consider when making decisions about whether to extend credit and at what interest rate. There are many different credit rating agencies, but the three most well-known are Equifax, Experian, and TransUnion.
There are many benefits to checking your credit rating regularly. By knowing your credit score, you can: