A credit score is used by financial lenders to decide whether to give you credit or lend you money. Your credit score is based on personal and financial information about you and is part of your credit report.
Credit reports include the following:
Your credit score is calculated from your credit report. You will receive a score between 0 to 1200. The higher the score means the financial provider will consider you less risky, and the lower will affect if you can get a loan or not.
Knowing your credit score can help you negotiate better deals on different types of loans, or understand why a lender may have rejected your application.
When you receive your credit report check that:
If you have a low credit score beware of credit repair companies claiming they can clean your report by having information removed. It is unlikely as the correct information, can not be removed for a period of two to five years, depending on the product.
Here is what will stay on your report and the time implications:
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