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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…)