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Credit Scores Explored
What makes up your credit scores? What makes them so low? In the first place, your credit scores are what makes you suffer. That’s right we said it, suffering comes directly from what people are reporting on you.
The credit score has many compnoents. The number is based on files, your past history. Lenders report late fees on utilties, credit cards, mortgage payments and more. So more thank you would know goes on that credit score. It’s everything actually all in one. Lenders use credit scores to check in on you, to see if you are a risk or not.
If you are more interested in finding out your credit score then you should visit one of the three credit reporting agencies. These include Experience, TransUnion and Equifax. Each agency then reports back to FICO, where you score is tabulated to see if you are a risk or not.
A FICO credit score ranges between 300-850. The FICO score otherwise known as the Fair Issac Score, is the most commonly used way for lenders to asses your credit issues. The median score that most lenders go with is a 711.
So what’s your score?