What is a credit score and how is it calculated by Equifax?
Asked 6 months ago
A credit score is a numerical representation of an individual's creditworthiness, indicating the likelihood of them repaying debt. Equifax calculates credit scores using a combination of factors. These include payment history, debt utilization, length of credit history, types of credit used, and recent credit inquiries. Equifax analyzes these elements alongside credit data from lenders and public records. By assessing payment patterns and credit usage over time, Equifax determines the individual's credit risk level and assigns them a three-digit credit score. The scale typically ranges from 300 to 850, with a higher score indicating lower credit risk. Equifax follows a sophisticated algorithm to accurately evaluate creditworthiness and help businesses make informed decisions regarding loans, credit limits, and financial transactions.
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