[ˈkrɛdɪt ˈrɛkɔːd]
A Credit Record, also known as a Credit Score, assesses how reliable and trustworthy an individual is when it comes to borrowing money and paying it back.
A Credit Record is a detailed summary of your financial transaction history, represented by a number. It is also known as a Credit Score. It is calculated by Credit Reporting Agencies and used by lenders and other credit providers to assess if you are likely to pay the loan back on time and in full.
A good Credit Record can lead to easier lending at a lower, more favourable interest rate. So, a worse Credit Score can lead to higher repayments as lenders don't trust you as much.
A Credit Record can be improved by keeping up to date with all tax obligations and making sure you pay all loan repayments on time and in full.
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