Demystifying the Credit Scoring

Have you ever wondered if you had "good credit" or "bad credit" and how creditors, such as banks, determine if you are creditworthy. If so, you are not alone.  For decades the procedure most creditors have used to determine your creditworthiness or rating has been shrouded in secrecy.  Fortunately, though, recent legislation in California has helped to shed some light on the credit scoring/rating process.  The legislation has been viewed as a "major step forward" by consumer friendly organizations across the country.  The following tips will hopefully help you to better understand the credit scoring process, and, thus, improve your credit score!

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