Credit Score Research Paper

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Having a good credit score is deemed to be prestigious and highly critical. If you are a resident of the US, you would have always considered this figure to be vital. But what does this really mean? Who is the universal monitor for the credit scoring system? Are there different credit scores in existence? Read ahead and get to know these facts in detail.

What is Credit Score?

Credit score is a statistical figure that pictures the creditworthiness of a person. Whenever an individual opts for a loan, the lender or the creditor would want to know the individual's credit score to start with for this would form the basis of the credit that is offered to the individual. Credit scores are considered to be the base on which the lenders' make their final decision regarding the approval amount and percentage of interest.

The higher the credit score, the better is the credit worthiness and the repayment capability of the individual. A higher credit score is associated with nominal interest rates and higher loan sanction probabilities. …show more content…
They constitute the Experian, Trans Union and Equifax. The very popular credit score rating system that is in existence is based on the FICO model developed by the Fair Isaac Corporation in the year 1956. Based on the data reported and collected at the bureaus, each of them calculate and maintain their own credit scores for the residents. As a resident, you can resort to get your credit report for free from the bureaus only once in a year, which could further help you in understanding the existence of negative entries in the

Credit Score Research Paper

What is a Credit Score? Credit scores influence the credit that’s available and the terms (interest rate, etc.) that lenders may offer. It’s a vital part of credit health. When a consumer applies for credit – whether for a credit card, an auto loan, or a mortgage – lenders want to know what risk they'd take by loaning money. When lenders order a credit report, they can also buy a credit score that’s based on the information in the report. A credit score helps lenders evaluate a credit report because…

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Credit Score Research Paper

Why You Should Get a Credit score Review before Implementing for a Credit score Card How much do you know about your credit report? Do you know what gets documented in it, and how your credit score impacts you when you use for a credit card? Here are some factors you should know about your credit score. What is a credit score rating report? Credit score rating organizations gather details about you through many resources. These consist of your information with power companies, any information you…

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