Creditworthiness portrays the potential of an individual or organization to pay off its debts on time. But most of us are not familiar with the parameters to check the credit score and know your creditworthiness. If you fall in the same category, our listicle of the best credit score will help you out.
Various parameters are taken into consideration to determine the credit score. Our listicle contains the best credit score apps that make you familiar with the financial terms related to your credit score. Most apps on our list give credit scores to the users based on the top 3 credit rating bureaus Equifax, Transunion, and Experian.
Our listicle contains some complex financial terms that readers might find difficult to understand. We are defining those terms for ease of understanding for our readers.
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Important credit score terminologies
FICO: FICO or Fair Issac Corporation is a software analytics company that provides a range of goods and services. Credit ratings are the primary services FICO provides to lenders. FICO credit scores help the lenders to assess the credit risk related to a particular borrower. Credit rating scores range between 300 to 850, and if your score is more than 670, you are a good borrower. FICO calculates the credit score on five parameters new credit accounts, payment history, current indebtedness, credit use type, and length of credit history.
