Many creditors, lenders, and other businesses use your credit score to make a quick decision about approving your application or giving you a competitive interest rate.
You have several different credit scores. The most widely-used credit score is the FICO score, a branded score developed by a company called FICO (formerly Fair Isaac). You have a FICO score based on information in each of your credit reports from the three major credit bureaus - Equifax, Experian, and TransUnion. Each bureau also has their own credit scoring formula.