![]() ![]() But a credit score lower on the 300-850 scale indicates the opposite. If a bank, credit card issuer, or other creditor issues credit to someone who doesn’t repay their debt as promised, the lender could lose money.Ī higher credit score indicates that a consumer is less likely to pay a credit obligation severely late (90 days late or worse) in the upcoming 24 months - in other words, that person is more likely to pay on time. A credit scoring model calculates your credit score by evaluating different types of information found on your credit report.įor lenders, a credit score answers the question, “How likely is this applicant to pay his or her credit obligations on time during the next 24 months?” This is important information for a lender to gather. Start by obtaining your credit score from a trusted source.Equifax, TransUnion, Experian What is a credit score and what does it mean?Ī credit score is a three-digit number that lenders and others can use to predict risk. If your credit score has room for improvement, taking these steps can help. “It's also important that you're staying vigilant concerning your credit and any fraud going on.” Access your credit report at no cost at. “Credit reports have errors,” says Carlos Medina, senior vice president of operations and business development for One Technologies, the provider of ScoreSense. There could be a mistake on your credit report that’s hurting your score.
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