When you’re applying for credit—whether it’s a credit card, a car loan, a personal loan or a mortgage—lenders want to know your credit risk level. In other words, “If I give this person a loan or credit card, how likely is it that I will get paid back on time?” There are three major credit reporting agencies (Equifax, Experian and TransUnion) in the United States that maintain
records of your use of credit and other information about you. These records are called credit reports, and lenders will want to check your credit report when you apply for credit. In most cases, lenders will also want to know your credit score.
Below is great information on Understanding Your FICO Score