Good vs bad scores
Not all credit scores are measured in the same way. The most common ranges are 0-1000 or 0-1,500. Our credit scoring provider, Centrix, uses a scale of 0-1500. So, depending on the credit scoring provider, a score of 500 might be a mid-range, average score or it might be in the low or “high risk” category. This also means that not all scores can be compared with each other.
Equifax (formerly Veda) cites credit scores between 500 and 600 as being the norm (their scores are out of 1000) and scores below 450 as being on the better end of the “high-risk” category of payers.
With a good credit score, you can:
Occasionally get better offers from banks, phone/internet companies, insurance companies, and utility companies.
With a bad credit score, you can’t:
Lend from some companies or get competitive/advertised interest rates because you are statistically less likely to pay. Depending on how low your score is, you may be outright denied the services of certain utility providers.