Credit Counts . . . Know the Score! - ATSU
Credit Counts . . . Know the Score!
Understanding the Importance of Credit Scoring
? 2004 by Access Group, Inc. All rights reserved.
Do you know the score?
QUESTION
What can a lender learn from your credit score?
A. Amount of your total debt B. Probability that you'll repay a future loan on time C. Your debt-to-income ratio D. Number of loans you have borrowed E. All the above
What's a credit score?
? Numerical forecast of the likelihood you'll successfully repay a future loan
? Based on information in your credit report ? Automated credit evaluation tool ? Comparable to your "credit GPA" ? First developed by Fair Isaac & Co.
True or False?
Your credit score changes daily.
FALSE
? Your credit score can change only when your credit report changes
? Your score is calculated only when requested
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