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Understanding your credit report and credit score
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[QUOTE="Jasz, post: 254895, member: 61772"] Credit reports are an important part of your financial life. They help lenders determine the risk of lending money to you and whether they feel they can trust you to pay it back. By understanding your credit report, you can make better decisions about what loans, credit cards or other financial products are right for you. Credit reports give a snapshot of your credit history as of a specific date. Credit scores are based on the information on your reports — including payment history, amount owed, length of time in repayment and new accounts opened. The better your payment history is in relation to the amount owed on each account, the higher your score will be. A high score means less risk for lenders in extending credit to you; conversely, a low score may mean that lenders won't consider you at all because they think they don't have enough information to make a decision about whether they'll lend money to someone with such poor credit history. [/QUOTE]
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