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Your credit score is a ranking, not a score

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  • Demyanyk, Yuliya

Abstract

With credit scores affecting so many important aspects of our lives, it’s no wonder that people are concerned with improving their scores. Once they start to pay attention to them, though, consumers often find their scores changing in unpredictable ways. Knowing that your score is not a rating of your creditworthiness but a measure of where your creditworthiness ranks relative to everyone else is the first step in understanding your score and how to manage it.

Suggested Citation

  • Demyanyk, Yuliya, 2010. "Your credit score is a ranking, not a score," Economic Commentary, Federal Reserve Bank of Cleveland, issue Nov.
  • Handle: RePEc:fip:fedcec:y:2010:i:nov16:n:2010-16
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    Cited by:

    1. Demyanyk, Yuliya, 2017. "The impact of missed payments and foreclosures on credit scores," The Quarterly Review of Economics and Finance, Elsevier, vol. 64(C), pages 108-119.
    2. Demyanyk, Yuliya & Loutskina, Elena, 2016. "Mortgage companies and regulatory arbitrage," Journal of Financial Economics, Elsevier, vol. 122(2), pages 328-351.

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    Keywords

    Credit ratings; Consumer credit;

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