The banks now a day, ask for the information of a special kind of rating from the aspiring applicants of credit. Credit score, as it is popularly known, is a kind of parameter used by the financial institutions, which is calculated on a mathematical basis. It is used in evaluating the potential risk that a moneylender might face in case he or she lends money to a person. Banks or other financial institutions that lend money usually requires the reports and go through them thoroughly before granting the loans to any person. Many banks or financial institutions issue free credit score that would help you in understanding your position of whether you would be granted any kind of financial assistance.