Most lenders rely on a FICO® Score to determine their level of risk before making a loan. When you are shopping for a home loan, a car loan, a credit card, etc., lenders are looking at your credit report to see how you have paid your other obligations. The credit score is like a summary, giving a 'grade' to your credit quality. The higher the score, the less risk of default and the better credit quality.
You likely have three FICO® Scores from the three bureaus who report them; Experian, Trans Union and Equifax. Your score can vary between the three, but usually not by more than a few points. The score is developed based upon the information that the bureaus maintain about you. Your credit scores are used by lenders to determine how much, for how long, and at what interest rate they will lend you money.
In order for there to be a score, each of the bureaus must report at least one trade line that has been opened for at least six months. A trade line is an account like a credit card or a loan.