A Credit Score is a statistical number that evaluates a consumer's creditworthiness and is based on credit report information typically sourced from credit bureaus. Credit scores are used by financial institutions to determine whether an individual is eligible for a loan, and if so, what interest rate they will charge. A high credit score is seen as an indication of low risk, while a low credit score is seen as an indication of high risk.A credit score is a number that lenders use to help them decide how likely it is that they will be repaid on time if they give you a loan. The higher your score, the more likely you are to be approved for a loan with a lower interest rate.Credit scores are important for people to have because they show how responsible you are with money. They can also help you get approved for loans and credit cards. If you have a high credit score, it means that you're likely to repay your debts on time.
