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Credit Report: What
is a Credit Score?
What is a Credit Score?
A credit score is a number that reflects your credit risk level,
typically with a higher number indicating lower risk. It is generated
through statistical models using elements from your credit report;
however, your score is not physically stored as part of your credit
history on the credit file. Rather, it is typically generated
at the time a lender requests your credit report, and is then
included with the report viewed by the creditors. Your credit
score is a fluid number, and it changes as the elements in your
credit report change. For example, payment updates or a new account
could cause your score to fluctuate. There are many different
credit scores used in the financial service industry. Your score
may be different from lender to lender (or from car loan to mortgage
loan), depending on the type of credit scoring model that was
used.
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