Summary
The article explains that a credit score in the U.S.—a three-digit number, usually between 300 and 850—serves as a critical measure of financial health, influencing loan approvals, interest rates, insurance costs, and even job prospects. It highlights that the FICO score, used by about 90% of lenders, and the newer VantageScore model, which integrates alternative data like rent and utility payments, dominate the market. Key factors include payment history (35%) and credit utilization, among others. The article emphasizes the importance of consumers monitoring their credit reports for errors and adopting consistent financial habits to improve their scores.
Finance Monthly
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