Credit bureaus discuss new credit score formula - My9 New Jersey

Credit bureaus discuss new credit score formula

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ATLANTA -

The credit bureaus are looking into a new way to measure your credit rating. The big three are always trying to figure out what kind of credit risk you are and when they come to a conclusion, they give you a number that we know as a credit score.

The credit bureaus are also trying to figure out how to make the score more meaningful. Credit agencies are trying to learn more about the two categories of credit card users: The Transactor and the Revolver.

What does that mean? A Transactor pays the balance in full nearly every single month while a Revolver doesn't; leaving a revolving balance that accrues interest.

This is not completely new, but finance blogs are abuzz about this. You see the credit agencies right now look at whether you pay your bills on time, but now they are exploring how you pay your bills.

Ron Hart, the managing director for finance company Morgan Stanley, says while the credit bureaus may tweak the math, you should still stick to a basic formula for keeping a good credit score.

Good news, the Transactor-Revolver conversation is still just that. Nothing they are talking about right now impacts your credit score yet. They are still just talking about it.

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