Credit bureau scores are numerical expressions based on a statistical analysis of a person's credit files, representing the creditworthiness of that individual.
A comprehensive record of an individual's debt repayment behaviors and actions, utilized by lenders to evaluate creditworthiness.
Credit Scoring is an objective methodology used by credit grantors to determine how much credit to grant to an applicant. Various factors like income, assets, employment history, residence stability, and past credit behavior are considered.
Piggybacking is a financial scheme in which an individual with poor credit history is added as an authorized user to a credit account held by someone with a strong credit rating, with the objective of improving the former's credit score. The legality and ethics of this practice are contentious, as it can potentially mislead lenders who base loan decisions on credit scoring.
