Analysts at credit reporting agencies say advanced mathematics and data analytics are used to determine the complex score.
However, they say, some variables come directly from your credit report, such as how the credit is used, how often a bill payment is late and the number of inquiries made.
"For a conventional credit score, you want a high number," Gross says. "For a bankruptcy score you want a low number. And to increase the complexity, the range of the numbers is not the same. The credit score has a range of 350-850. The bankruptcy score range starts in the negative numbers and increases to possibly 2,000."
So, why is it kept from the public?
"The argument is that people spent time and money researching the scoring model, and no one wants to disclose the model because they are giving away the value of the research that they've conducted," says Gross.
However, Experian is considering making its score available to consumers.
"We feel that it may help consumers if they are getting in trouble with their debt," says Samah Haggag, manager of analytics at Experian.
A July study by Experian is giving consumers some insight. The study ranked the states with the highest propensity to have consumers file for bankruptcy within the next year. The top five are:
- Texas
- Nevada
- New Mexico
- Louisiana
- Arizona
Economist Mark Lauritano of Global Insight in Massachusetts says from a broad economic view you can see the reasons why Texas would be at the top of the list.
"Based on studies we've done: It's a relatively young state, people are moving to Texas, there's a lot of immigration from south of the border, it has a below average income and it has a relatively low homeownership rate," says Lauritano.
And, although the bankruptcy risk score may be kept under wraps, at least for now, researchers describe some actions that can help improve your score: Pay all of your bills on time, keep debt balances low and open accounts only when necessary.