Definition - What does Credit Score mean?
Credit score refers to a numerical calculation by creditors to assess how much can be given as credit to a person applying for credit card, personal loan or mortgage. A higher credit score means that an individual is at a lesser risk of defaulting, while a lower credit score indicates problems.
Justipedia explains Credit Score
The credit scores are usually based on your history of previous loans and utility bill-paying history. Credit score is not only used by banks, but other types of organizations like insurance companies, mobile phone companies, etc.