Credit Score

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A credit score is a number that represents a person’s creditworthiness. Credit scores are based on a variety of personal financial data. Higher credit scores correlate with better creditworthiness. Financial institutions judge people with higher credit scores to have lower credit risk, and grant them a broader selection of credit products at lower interest rates. Fair Issac Corp. (FICO) and VantageScore Solutions are the two leading U.S. credit scoring companies.