Credit Score/ Credit Report

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What is a credit score?

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A credit score is a numerical representation of a person's creditworthiness, based on their credit history.

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What factors affect your credit score?

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Factors include payment history, amount owed, length of credit history, new credit, and types of credit used.

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How long do late payments stay on your credit report?

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Late payments remain on credit reports for 7 years.

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What is a credit report?

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A credit report is a detailed report of an individual's credit history, including personal information, credit accounts, and payment history.

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What does FICO stand for?

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FICO stands for Fair Isaac Corporation, which is the company that created the most common credit scoring system.

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What is considered a poor credit score?

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A credit score of 570 or below is generally considered poor.

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What personal information is included in a credit report?

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A credit report includes personal information such as name, address, Social Security number, and employment history.

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Can grades in school affect your credit score?

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No, grades in school do not affect your credit score.

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What is payment history?

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Payment history is a record of your payments on credit accounts, including whether payments were made on time.

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What is the significance of the amount owed in credit scoring?

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The amount owed refers to the total debt you have, which affects your credit utilization ratio and overall credit score.