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Mastering Credit Scores: Balancing Credit and Debt for Financial Health

Learn how credit scores impact your financial life, maintain creditworthiness, and work with rating agencies like Experian, Equifax, and TransUnion. Understand the scale system, rates breakdown, and tips to improve your credit score.

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Mastering Credit Scores: Balancing Credit and Debt for Financial Health

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  1. Credit Scores Balancing Credit and Debt to Maintain Credit Worthiness

  2. Credit Score • Rating agencies • Experian • Equifax • Transunion • May contact these agencies when there is a discrepancy between reported score and actual financial activity • A numerical expression of a person’s credit-worthiness • Based on a formulaic calculation by different rating agencies

  3. Credit Score Scale-Provides lenders with a rating system for determining rates for a potential customer Average score is “Fair” for American – primarily a result of the typical negative savings rate for most Americans.

  4. Influences on Individual Credit Score

  5. Breakdown of Rates Many people have what is considered to be “good” credit

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