Credit Basics
What is bankruptcy?
Bankruptcy is the term that describes the court proceedings a person must go through to relieve the debts they are unable to pay their creditors.
What is a credit score?
A lender figures your credit score (FICO score) by taking your credit history and measuring it against a database of habits in the general borrowing population. That, in turn, determines whether your tendencies match those of borrowers who default on debt, declare bankruptcy or find themselves in various types of financial difficulties.
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