Precision Score

Katy Perry was born Katy Hudson, and President Gerald R. Ford was born Leslie Lynch King, Jr. We share this with you because “Precision Score” is the birth name of what we know today as the TransUnion NextGen credit model.

But even though the name has changed, the gist remains the same: it’s a credit score based on a predictive analytic model that takes a whole bunch of credit ingredients—payment history, length of credit history, newly opened credit accounts, types of credit used, and how much we currently owe—and mixes them together into one ooey gooey credit score casserole. This casserole is then assigned a number between 350 and 800. The higher the number (anything over 700 is considered really good), the more credit we’ll be able to secure, and the lower the interest rate we’ll have to pay on it.