Your personal credit habits are compared with those of Americans in general. The more traits you share with people who have proved to be good credit risks, the higher your score. Lenders check your credit score when deciding whether to give you a mortgage, an auto loan or lease, a credit card or business loan. They also use scores to help determine your interest rate. A higher score ought to get you a lower rate.
Lenders often get all three scores and take the midpoint.
E-Loan's free scores are constructed from credit reports, as analyzed by an independent company called CreditXpert. I tested it and found that my personal score is high. Credit scores capture all current balances, including those about to be paid. It's good for 30 days and includes your current Equifax credit report. On FICO reports, you're given four general reasons, in descending order, for why your score is less than perfect.