
"We do not remember days, we remember moments.” - Cesare Pavese
One of the most confusing and misunderstood components of modern life is an individual’s credit score. A simple Google search reveals billions of websites and posts, all sharing information -- some of which is accurate, and some of which is just plain wrong.
At its core, it’s simply a number that tries to represent the likelihood that you will pay back money that you borrow. Because banks and lending institutions use credit scores as a key component in their determination to lend money, it’s also a key element for individuals with nefarious plans – stealing a person’s identity allows your credit worthiness to also be stolen and used by the crooks.
Unlike, for example, annual income, FICO scores represent long-term action (or inaction) on the part of the consumer, so while the actual number can be “managed,” to an extent, it tends to be a pretty good representation of how well a person repays debts.
Now, obviously, there is more to it than that. A FICO score merely represents the number,
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