How is Credit Score
calculated?
Credit score is
calculated using three main values. The calculation first looks at information
on your account and profile (your existing credit, outstanding loans,
overdrafts), it then checks public records for any black marks on you such as
bankruptcies or summons. The third factor is inquiries, both on your part of
applying for loans and credits, and of lenders inquiring as to your credit
score. Modern credit scores are also now calculated taking into account the
credit score of everybody else, to place you in a percentile which can
influence your approval and interest rate.
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