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What does your credit score really mean?
Credit scores or credit ratings are taken into consideration anytime you attempt to borrow money.  But what does your credit score really mean?  A credit score is a number representing the creditworthiness of a person, in other words, it puts a numerical value on the likelihood that the person will pay his or her debts.  Lenders, such as banks and credit card companies, use credit scores to evaluate the potential risk posed by lending money to consumers.  Your credit score is a factor you need to consider if you are looking for a home mortgage loan.  The major credit-rating agencies are Experian, TransUnion and Equifax.  Your score can vary from one agency to the other based on the information they have on file.   
What information is used to compile your score?
Your credit rating is a compilation of the information about most of your money/credit transactions.  Below are some examples in each area.
Approximately 35% of your score is comprised of your Payment History such as:
Number of credit accounts paid on time as agreed Number of past due accounts or items on file Amount of past due on accounts Length of time since you had past due accounts About 30% ... more

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