Most people have heard of a credit score, but few actually know what their credit score is. Even those who are familiar with their current score (a rating system designed to tell creditors how much of a credit risk you are), probably have no idea how that score is calculated. There are quite a few factors that go into your credit score: some obvious and some surprising.

How Experian Calculates Your Credit Score

Let's take a look at the credit score methodology of Experian, one of the nation's leading credit report specialists. Experian uses statistical models to come up with your score, drawing information from your credit report and even credit applications you may have filled out. Experian's scores are actually constantly updated; each time somebody files a request for your score (including yourself), they are given a number based on the latest information available.

Credit scores generally range from 330 to 830, with the higher number representing less of a risk. For example, if your credit score is in the 700s or 800s, a creditor knows that they have a very good chance of being paid back quickly and responsibly if they extend you a line of credit. The average consumer credit score is usually somewhere in the mid 600s.

The main factors Experian uses in determining your credit score are garnered from your credit report (basically a list of all the information in your credit history). Experian considers things like the number and severity of any late payments you may have had in the past, your total amount of debt, and the number of times you or others have requested information about your credit history. Experian explicitly does not factor in information like your religion, sex, race or marital status.