How does my credit score affect me?

Credit scores are important indicators of your financial health. Lenders use credit scores as major tools to determine:

  • Whether or not you are a good candidate for a loan.
  • What type of interest rate you will pay.

While a credit score is a key determinant of your creditworthiness, lenders also examine the information on your credit report and your loan application. Regularly checking your credit report enables you to:

  • Be informed of the most up-to-date information in your credit history.
  • Correct any inaccuracies, thus ensuring that your credit data is a true depiction of your credit record and increasing your chances of receiving credit under the best possible terms.

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