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A credit score is a numerical value assigned to a consumer’s credit file based on a number of factors contained in a credit report. These factors include such things as length of credit history, payment history, percentage of available credit, and the number of recent applications for credit. Combined, these factors create a numerical value that creditors use to determine a consumer’s risk level.
Credit scores can range from the low 300’s to the high 800’s. The higher the score, the less risk is associated with that consumer. |
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