An Equifax credit score is a three-digit number that shows how trustworthy you are when it comes to borrowing money. It is calculated using information from your Equifax credit report, including your payment history, credit card balances, loan accounts, and how long you have been using credit. Lenders use this score to decide whether to approve loans, credit cards, or mortgages and what interest rate to offer. A higher Equifax score means lower risk to lenders, which can result in better loan terms, lower interest rates, and more financial opportunities.
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