For example, being 30 days late on a payment this year is more significant than being 30 days late on a payment 5 years ago. The series of computations used to arrive at your score is the scoring model . The specific factors, how they are weighted, and the exact computation procedures are closely guarded secrets of the companies that develop the scoring models. Scoring models are validated based on statistics from thousands of actual consumer credit files. The most famous credit score models are FICO, Beacon, and Empirica.
Credit score ranges.