What is a credit score?
A credit score is
a number lenders use to help them
decide: “If I give this person
a loan or credit card, how likely
is it that I will get paid back
on time?” A score is a snapshot
of your credit risk at a particular
point in time. The most widely used
credit scores are FICO® scores.
Lenders use FICO scores to make
billions of credit decisions every
year. Fair Isaac develops FICO scores
based solely on information in consumer
credit reports maintained at the
credit reporting agencies. Thisinformation
can help you improve your credit
health by helping you understand
how credit scoring works.