What is a Credit Score and how do lenders use it?

A credit score speaks volume! Tells the lenders about your credit-worthiness (how will you pay back a loan based on your credit history). It is calculated using the existing information on your credit reports, Experian, Equifax and Transunion (3 largest ones) and will provide FICO® Scores that is a numerical value that represents a person's credit-worthiness and that score is the standard for credit scores—used by 90% of top lenders. Credit scores rages from low end of 300 to high end of 850, the higher scores indicates better credit-worthiness.