A credit score is determined by how responsibly people have used the credit given them in the past. For many people, they had a great credit score in the past and it slowly (or quickly) turned into a bad credit score. When there are no money to pay the bills, the bills don't get paid. Although there are some people who are irresponsible, there are also those who had every intention of paying the bills, but just couldn't. Besides the three main credit score companies, which are Equifax, Experian and TransUnion, many companies also use their own credit scores. The best way to find out what your credit score is, is to contact the Big Three and ask for a credit report. The credit scores are based on accounts that have been open at least 60 days. It is a good idea to find out what your credit score is from time to time because it could alert you to identity fraud. With a good credit score, people are able to get loans and credit with great interest rates. The worse the credit score, the higher the interest rates. Many people who find themselves with a very low credit score and no way to improve it, often file for bankruptcy.