What is a credit score and how is it determined?

A credit score is a numerical value calculated using the information in your credit file. This score is a numeric reflection of your current ability and willingness to repay your debts and is derived in large part from your history of paying debts and other bills.
Generally speaking, banks and other loan organizations work under the assumption that the higher your credit score, the lower the risk associated with lending money to you. There are multiple credit scores available in the market. Perhaps the most prominent score used by lenders is the FICO(™) credit score provided by Fair Issac Corporation. Examples of other scores are BEACON (Equifax) and EMPIRICA (TransUnion).
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