BANKING AFFAIRS

Detailed explanation-1: -A credit report is a statement that has information about your credit activity and current credit situation such as loan paying history and the status of your credit accounts. Your credit scores are calculated based on the information in your credit report.

Detailed explanation-2: -Your credit scores are calculated using scoring models that consider the information in your credit report. Your payment history, the amount of debt you owe and the length of your credit history are all factors that contribute to your credit score.

Detailed explanation-3: -What is the relationship between the credit report and credit score? The credit score is calculated from data in the credit report.

Detailed explanation-4: -This is based on the entire amount you owe, the number and types of accounts you have, and the amount of money owed compared to how much credit you have available. High balances and maxed-out credit cards will lower your credit score, but smaller balances may raise it – if you pay on time.

Detailed explanation-5: -Individuals with high credit scores are more likely to form committed relationships than other similar individuals, and when compared to the the highest-scoring singles, those with the lowest credit scores are about 30 percent less likely to form a relationship in a given year.