What is a Credit Score?

hoangvu

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Hi eveyone,

can you define me What is a Credit Score?
I'm very strange with this term. pleas help.
Thanks
 

Dana Franklin

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I think credit card scores varies from every credit card company, they do have their own rules on how to provide your credit card scores.
 

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A credit score is a numerical expression based on a level analysis of a person's credit files, to represent the creditworthiness of that person. A credit score is primarily based on credit report information typically sourced from credit bureaus.
Lenders, such as banks and credit card companies, use credit scores to evaluate the potential risk posed by lending money to consumers and to mitigate losses due to bad debt. Lenders use credit scores to determine who qualifies for a loan, at what interest rate, and what credit limits. Lenders also use credit scores to determine which customers are likely to bring in the most revenue. The use of credit or identity scoring prior to authorizing access or granting credit is an implementation of a trusted system.
Credit scoring is not limited to banks. Other organizations, such as mobile phone companies, insurance companies, landlords, and government departments employ the same techniques. Credit scoring also has a lot of overlap with data mining, which uses many similar techniques. These techniques combine thousands of factors but they are more or less similar or the same.

RE: https://en.wikipedia.org/wiki/Credit_score
 

JeffreyJacobs

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Yes, you said right. He explained it in a very clear way. Thanks for your explanation.
 
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