What is a credit score?
A credit score is a numerical snapshot of an individual’s credit worthiness based on the information contained within their credit report and is created using a mathematical formula that measures data from your credit profile. Credit scores evaluate your payment behavior, debt levels and credit history. Factors like income, race and gender are not measured in the scoring process. The credit scoring system is used by lenders, insurers, landlords, employers, utility companies and even judges to evaluate your credit behavior. Having a high credit score will help you receive the best rates on new credit and loans.