What are the credit score and credit history?
A credit score is a numerical estimate based on your credit history. It estimates the current state of credit history and reflects the possibility of obtaining new credit in the future.
Credit history is a borrower’s dossier containing information on best short term loans taken by him and the timeliness of their repayment. It helps a bank decide whether to issue another loan to a client or not. Credit stories are maintained by special organizations, credit bureaus. (more…)