What Is a Credit Score?
News from Motley Fool:
Your credit score is basically your Money GPA. It’s a three-digit number that measures how you’ve handled money that you’ve borrowed.
The score is based on your credit history, which is contained in your credit reports (or files) kept by the three major credit reporting bureaus — Equifax, Experian, and TransUnion.
(Tip: Go to annualcreditreport.com to access your government-mandated free credit reports from each bureau.)
What Is It Used For?
When a lender requests your credit score, it’s basically looking for an answer to the question: How much can I trust this person to pay me back? Then they’ll determine if they want to do business with you, and on what terms — how much money they’ll loan you, and what interest rate they’ll charge.
Credit scores factor into everything related to your finances — from getting a credit card, buying a home or car, calculating your insurance premiums, and sometimes even whether or not you’re hired for a job.
Who’s Calculating My Credit Score?
Two main companies provide credit scores for industry and consumer use:
- Fair Isaac Corp.’s FICO score is by far the most popular credit-scoring system. It is used in more than 90% of lending decisions.
- VantageScore is the credit rating product that the three major credit bureaus c…………… continues on Motley Fool
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