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.
The FICO score is a measure of borrower credit risk extensively utilized by creditors, including mortgage loan originators. Developed by Fair Isaac Corporation, it encompasses an applicant's credit history and credit utilization to determine loan approval and terms.
