Information you should know about credit scores in 2022

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By  Gyaanly

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A person's creditworthiness is represented by their credit score, which runs from 300 to 850.

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The three major credit reporting bureaus are Equifax, Experian, and TransUnion.

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A credit score rating is an important aspect of a lender's decision to give credit.

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If you're wondering how a credit score is calculated, you should know that it is based on a variety of factors.

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It contains information on your credit history, credit mix, credit age, and the number of hard inquiries.

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Credit scoring considers a person's overall debt, duration of credit history, loan kinds, and repayment history.

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Credit usage, or the amount of available credit that is presently being used, is one factor evaluated when calculating a credit score.

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Because closing an inactive credit account might impair a person's credit score, it is not always a wise choice.

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Most third-party websites and credit bureaus provide free credit ratings.

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You may sign up and get your free credit score whenever you like.

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A credit score is only available when a person has secured credit from a bank, NBFC, or internet lender.

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Credit cards, personal loans, house loans, two-wheeler loans, property-secured loans, gold loans, vehicle loans, and so on are instances of this.

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