Financial Planning Advices » Financial Terminology » What is a Credit Score?
What is a Credit Score?
The credit report includes information on the credit history of the credit holder. This report is numerically summarized and the result is the so called credit score.
Typically, a credit score ranges from 300 to 850 but there are different credit score models and this range can vary.
Credit score greatly facilitates lenders and creditors in their decision making regarding the creditworthiness of potential borrowers. Regardless of the credit score model used, the higher your credit score, the more creditworthy you are considered by potential lenders.
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