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consumers had scores considered very good – meaning in the range of 740 to 799 – or excellent (800-850). A credit score ranging from 670 to 739 is generally considered to be good, a score in the range of 580 to 669 would be judged fair, and a score less than 579 is classified poor, or subprime.Īs of 2021, nearly half of U.S. Based on that repayment behavior, the credit scoring system assigns people a single number ranging from 300 to 850.

However, some people still have no credit later in life if they don’t have any accounts for reporting agencies to assess.Ĭredit scores simply summarize how well individuals repay debt over time. Most people don’t have a credit score before turning 18, which is usually the age applicants can begin opening credit cards in their own name. are Transunion, Experian and Equifax.Īlthough 26 million of 258 million credit-eligible Americans lack a credit score, anyone who has ever opened a credit card or other credit account, like a loan, has one. The three organizations that monitor credit scores in the U.S. So how do lenders distinguish between good borrowers and risky ones? They rely on various proprietary credit scoring systems that use past borrower repayment history and other factors to predict the likelihood of future repayment. Lenders have a strong business incentive to separate loans that will be paid back from loans that might be paid back. Some borrowers consistently make prompt payments, while others are slow to repay, and still others default – meaning they do not pay back the money they borrowed. Lenders stay in business when borrowers pay back loans. Credit scoring assesses the likelihood of default

Are people still playing pirates tides of fortune