Credit Score

What is a credit score?

Credit Score Definition: A credit score is a rating between 300 and 850 that indicates the creditworthiness of a customer and their potential to borrow from a lender. This score is heavily based on a number of factors, primarily debt, open accounts, repayment history, and other factors that indicate how timely payments are made.

Three main credit bureaus provide credit scores: Experian, Equifax, and TransUnion. Many individuals pay close attention to their credit score to ensure they can improve or maintain a high score, so they are considered favorably when applying for a loan or credit card. How you handle your credit card accounts, make payments on time, and apply for loans will ultimately impact your credit score.

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Other credit report terms:

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