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Understanding your credit score; The number can determine what interest rate you get, what you pay for services.(BUSINESS & MONEY)
Byline: JOHN HIELSCHER john.hielscher@heraldtribune.com
Just what the FICO is a credit score?
Most consumers don't know their own credit score, how it's measured, or what impact it can have on their lives.
Your credit score does more than just determine whether you will get a loan. It's also key to what interest rate will be offered by a lender.
In addition, credit scores are now being used by employers, insurers, landlords and utilities to gauge a person's reliability.
"The cost of not knowing your credit score and its significance could be not only denial of credit, but also difficulty obtaining needed services and even a job," said Stephen Brobeck, executive director of the Consumer Federation of America.
A credit score is a single number -- think of it as your financial SAT -- that tells lenders and others how likely you are to repay your debts.
It's based on a calculation derived…
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