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Transcript of Credit Scores
How is Credit Score Calculated?
Credit report data is used to calculate the credit score.
Determines one's rank as a borrower.
The calculations summarize one's credit risk.
Lender's use one's calculations to evaluate their report.
How to Monitor your Credit Score
Try to keep the credit utilization ratio low.
Be aware of the debt you are in.
Check the available credit.
Pay your bills on time.
Have a revolving line of credit.
What Information Do They Include?
Identifying information : name, address, phone number, Social Security number, date of birth, and spouse's name)
Public record data.
Record of inquiries.
Why Does Credit Score Matter?
Decisions are based off of them.
Lenders care for your credit risk level.
It says a lot about one.
Shows how well one is able to pay back money.