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Your credit score is a calculation based on several aspects of your credit history and other financial data. Its purpose is to help companies and lenders predict your credit behavior and assess the risk of extending credit. While each credit agency uses slightly different criteria to calculate credit scores, the common factors used tend to include:

1. Payment history: Your payment history is an evaluation of whether you have paid your bills, credit card payments, loan payments, and other debts on time.

2. Credit utilization: Credit utilization refers to the percentage of available credit you are using. Higher credit utilization can lower your credit score, as it may indicate a higher level of risk to lenders.

3. Length of history: Your credit history is based on the age of your credit accounts. Specifically, it is based on the age of your oldest and newest accounts and the average age of all your accounts. A longer credit history generally improves your score.

4. Credit mix: Your credit mix considers the different types of credit you have–loans, credit cards, etc. A more diverse mix of credit tends to help your credit score.

5. New inquiries: This factor looks at the number of recent credit inquiries and new credit accounts you have opened. A higher number may negatively impact your score.

Your credit score and/or report may be checked by lenders, landlords, insurance companies, employers, and others to assess creditworthiness and determine the risk of offering credit, coverage, and other opportunities.

Fortunately, you can also check your credit score and report for free three times a year – once with each of the three credit bureaus – Equifax, Experian, and TransUnion. With your credit score influencing many important decisions, it's essential to keep an eye on your credit report to ensure accuracy and to report and resolve any discrepancies that you notice in a timely manner.