A credit score is a number that rates your credit risk. It can help creditors determine whether to give you credit, decide the terms they offer, or the interest rate you pay. Having a high score can benefit you in many ways. It can make it easier for you to get a loan, rent an apartment, or lower your insurance rate.

The information in your credit report is used to calculate your credit score. It's based on your:

• Payment history

• Outstanding balances

• Length of credit history

• Applications for new credit accounts

• Types of credit accounts (mortgages, car loans, credit cards)

It's important to make sure your credit report is accurate, so your credit score can be too. You can have multiple credit scores. They're not calculated by the same credit reporting agencies that maintain your credit reports. Instead, they're created by different companies or lenders that use their own credit scoring system.

Your free annual credit report does not include your credit score, but you can get your credit score from several sources. Your credit card company may give it to you for free. You could also buy it from one of the three major credit reporting agencies. When you receive your score, you often get information on how you can improve it.

In Missouri, as in other states, a credit score is a numerical representation of an individual's creditworthiness, which is used by creditors to make decisions about lending terms, interest rates, and credit approvals. The score is calculated based on factors such as payment history, outstanding balances, length of credit history, new credit inquiries, and the types of credit accounts one holds. It is crucial for consumers to ensure the accuracy of their credit reports, as these are the basis for calculating credit scores. While consumers are entitled to one free credit report annually from each of the three major credit reporting agencies (Equifax, Experian, and TransUnion), this report does not include the credit score itself. However, credit scores can be obtained through various means, including for free from some credit card companies or for purchase directly from the credit reporting agencies. Different companies or lenders may use distinct credit scoring models, which means individuals can have multiple credit scores. Missouri residents are encouraged to regularly review their credit reports and scores to maintain their financial health and to take steps to improve their scores if necessary.