Credit scores are calculated by statistical models (mathematical formulas) that assign points to several factors in your credit history which indicate the likelihood that you will repay your debt.  These scoring models exist in software utilized by credit bureaus or lenders.  Credit scores are based on data rather than human judgment, making credit scoring an objective tool as opposed to a subjective, possibly discriminatory, human interpretation of information.  This gives lenders a uniform, consistent guide to use in determining credit eligibility and risk.

        Even the best underwriter cannot match scoring's ability to weigh and measure hundreds of statistical factors and reach a number indicating relative credit risk in a matter of seconds.  The resulting score is a "snapshot."  It sums up what your past payment performance and current usage of credit say about your level of credit risk to the lender.