A credit score is a numerical expression that represents the creditworthiness of an individual, predicting the likelihood that the individual will default on a loan based on their credit history.
Creditworthiness is a measure assessing a person's ability to qualify for and repay a loan. It influences loan approvals, interest rates, and credit limits.
Equifax is one of the three major credit reporting agencies in the United States that collects and provides consumer financial information to creditors for credit evaluation, loan applications, and other financial decisions.
Piggybacking is a strategy used by individuals with poor credit histories to improve their credit scores by being added as an authorized user on the credit account of someone with a good credit rating. While it can temporarily boost a credit score, the practice is of dubious legality and may defraud lenders.
A subprime loan is a type of loan offered to individuals with less-than-perfect credit ratings. These loans typically carry higher interest rates and stricter lending terms as compared to standard mortgage loans.
