 TITLE: 8 Ways to Build Credit If You’re New to the U.S. CONTENT: How Credit Works in the U.S.\n----------------------------\nCredit can influence many aspects of life in the United States. Your credit history and scores can impact your eligibility if you want to take out a loan or open a credit card, along with the fees and interest you'll pay.\nAdditionally, your credit (or lack thereof) can impact many non-lending decisions. These can include your ability to rent a home, get a job or promotion, how much you pay for insurance and whether you need to pay a deposit to open a new utility account.\nThere are several key components to the credit system in the United States:\n*   **Consumer** **credit bureaus** maintain records on consumers' experience with credit accounts. The three major consumer credit bureaus are Experian, TransUnion and Equifax, and they all create consumer credit reports. Credit reports are primarily built on data the credit bureaus receive from other companies, usually lenders, and your credit reports may differ depending on whether the company sends information to one, two or all three credit bureaus.\n*   **Credit scoring companies** such as FICO and VantageScore create scoring models that use the information in your credit report to calculate a credit score. Most credit scores range from 300 to 850, with higher scores meaning a lower risk in the eyes of potential lenders because it shows that you've managed credit responsibly in the past. Organizations use credit scores to quickly evaluate a person's creditworthiness. Many major financial institutions also create custom scores for their potential and current customers.\n*   **Creditors**, including lenders and credit card issuers, use credit reports and scores to help them make decisions about whether to offer someone a credit card or approve a loan application. If you don't have a credit report or you have a low credit score, it can be more difficult and expensive to take out a loan or open a credit card.\nUnfortunately, even if you had credit in your home country, you may need to start over in the U.S. There are several ways to do this, including opening certain types of accounts that Americans often use to first build their credit. END