What is a credit score?

A credit score is a number that summarizes your credit risk. The score is based on a snapshot of your credit file(s) at one of the three major consumer reporting agencies (CRAs) - Equifax, Experian and TransUnion - at a particular point in time, and helps lenders evaluate your credit risk. Your credit score influences the credit that’s available to you and the terms, such as interest rate, that lenders offer you.