12/31/2023 0 Comments Vantage credit score range![]() Your credit report and your credit score aren’t the same things. Is My Credit Report the Same Thing as My Credit Score? Unfortunately, the opposite is also true. In theory, the better chance you’ll miss a payment or default on loan, the lower your credit score will be. A credit score is a numerical representation of the risk lenders take on when they loan you money. Fortunately, you may not have to be scared. It’s important to regularly check your credit report and credit score to ensure that the information is accurate and up-to-date.Ī credit score is one of some people’s most feared three-digit numbers. A higher credit score can result in better loan terms and lower interest rates, while a lower credit score can make it harder to obtain credit or result in higher interest rates and less favorable loan terms. ![]() Each factor is weighted differently, and the exact formula used to calculate the score can vary depending on the credit scoring model.Ĭredit scores are used by lenders to assess the risk of lending money to a person. A credit score is calculated using various factors such as payment history, credit utilization, length of credit history, types of credit used, and recent credit inquiries. The credit score provides lenders with an assessment of a person’s ability to repay debts and manage credit responsibly.Ĭredit scores typically range from 300 to 850, with higher scores indicating better creditworthiness. It is calculated using information from a person’s credit report, which is maintained by credit bureaus such as Equifax, Experian, and TransUnion.
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