How To Raise Your Credit Score Managing A Credit Score Scale

June 7th, 2011 by admin

350 to 850 is the usual range of the scale to count creditworthiness. A person having a count towards the higher extreme of the range is deemed to be financially sound and worthy to receive loans or some types of jobs having dependency on financial stability. Hence, the loan-giver examines the score of the loan-seeker before approval.

Expedia, TransUnion and Equifax are three accrediting credit reporting agencies authorized to issue credit score scale’s copy free of charge. The reports can be had from one or all, concurrently or with gaps in between as per the personal liking of the seeker. Online options can also be availed by visit to websites.

The count of 700 on the above mentioned scale, which has been attained by two-thirds population of the state of US, qualifies the achiever to get hassle-free loans. The credit score scale is arrived at after evaluation of five basic variables.

The most influencing credit score scale factor is the credit history, which records chronologically, all forms of financial facilities inclusive of loans, received or denied over the period of previous 2 years or above, and other details. The details of delayed disbursements, ready reference for loan providers, are also furnished in this section.

The second most influencing factor on ones credit score scale is the life span of the credit availed. Credit having a long history shows one in better light. If the list of loans received and unpaid has a credit currently sanctioned, it will help add credit count, but only in case late or missed payments do not relate to the current credit.

Maintaining the disbursement on the dates fixed for payment too can help one add count to his credit scale. Failure of adherence will bring the score down, which should prompt one to resort to the remedial measures to revive and improve his count.

Repayment of stalled outstanding dues with money saved by curtailing expenses is an ideal process to check the falling credit score. Holders of multiple credit cards are well advised to operate only two of the oldest and /or the cheapest in terms of rates of interest charged, and cancel the rest after full settlement of the ones attracting highest rate of interest. The withholding of the oldest cards would stand one in good stead, as the age will add.

In case the burden of outstanding debts cannot be off-loaded effectively just by cutting expenses, the debtor has to liquidate his assets and /or valuables. A reschedule of loans may be bargained for with the creditors, without any reflection of the transaction on the credit records. The advice of a financial advisor is the recourse left in the event of situation not improving.

The improvement in the count on the credit scale may not be forthcoming presently or in near future inspite of all the efforts. The effort has to be sustained for a prolonged period of some months, to make the count rise again. The score will reclaim its loan-worthy position within a short time, if the momentum is maintained.

In case some of the debts are intended to be repaid by procuring a fresh credit card, the debtor should be particular to keep at least 70% of the approved limit intact, as well as ensuring that the interest being paid on the loan to be repaid is higher than the one ensuing on the card with this payment.

The credit count scale fluctuates yearly getting influenced by the economic transactions.

The dipping graph of the credit score scale can be halted if one keeps on honoring the due debts on time. But, if even such timely schedule of payment fails to control the dipping graph, one should verify the credit score record for errors, and get them rectified by the concerned credit agency.

Discover tips on how to raise your credit score and tips on enhancing your credit score as well as expert guidance to get your credit score fixed when you visit http://www.creditfixadvice.com

What is a good credit score?

I know the FICO scale, but what is good what is average, what is bad? Is there a website where it discusses the situations where your scores is considered good/bad/ugly?

Answer
Although this is subjective, and you probably know that, I will attempt to give you a scale of scores from ugly-excellent.

800+ perfect
720+ excellent
680+ Good
660+ Average
620+ Poor-Average
500+ Bad
400+ Very Bad
300+ UGLY

That’s a pretty accurate credit score scale. Most people are in the 600-700 range. A score of 620 and up is reasonable, although to ensure the best financing, a 720+ is key. 660+ is a good place to be, you’ll be approved for most things.

Learn more at http://www.thetruthaboutcreditcards.com

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Understanding the Credit Score Scale

June 4th, 2011 by admin

It is important to make yourself aware of the credit score ranges, how the calculations are made and what is taken to be a good credit score. This is because your credit score will influence any financial decision you make.  One of the most frequently used scales is the FICO credit score scale, a three-digit number ranging from 300 to 850. The credit rating improves as the numbers increase.

The safest range to be if you want to be given first consideration for financial assistance is at 720 to 850. In case you are below the range of 600, then you risk lacking financial assistance. When rated using the FICO credit score scale, one with a rating of 722 acquires the same interest rate as one with a rating of 848.

Major components used in calculating the score

Your payment history, which includes the much you have in form of overdue payments and how much they amount to, is the major consideration. They also consider if there were any issues in making the payments will also influence the rating.

Another factor considered while placing you in the credit score scale is the sum of debts you have in form of accounts, this could be mortgage or installment and the number of credit lines used. Holding credit cards that lack any balance will help in rating you better. The length of time that you have been a debtor and the account you hold.

The types of credits that you have also mean a lot. If you have been using the risky types, then you are rated lower as compared to those with mortgages. The credit institution will also conduct a follow up to check on your loan repayment. The number of recently opened credit accounts and any increases on the credit limits. Your rating will be lowered if you are holding several credit accounts. This is because it may be difficult if not impossible for you to afford an additional loan.

how is my credit score?

i am a 22yr old college student without a job, my somehow every month get money to pay my bills without anyones help. My credit scores are from 3 bureaus between 642-649. I owe about 12,000 in debt and i have 2 bill collections which are really low. like one is 75, which i think i paid and the other is like 175.00. I dont think it will have a big impact on the score if paid, because credit report said it had a low impact on my score. I have used almost all of the credit on my cards, that is why to me i think it is a little low, i dont know. the scale said i am fair, 680 score it where the good starts. Out of all the credit card cards and bills i have ever had, in my credit report i have never been late or past due accept on the bill collections, which say have gone to attorney and bill collection. please help me.

Answer
One of the issues maybe that the only items showing are the two collections. You probably need to add a revolving account to your credit. Make sure you pay it on time though, and keep your balance below 30% of the available credit.

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Credit Score Scale The Secret Behind Building Your Credit Strong and Solid to Impress Any Lender

June 1st, 2011 by admin

If you’re interested in building your personal credit profile you have made an excellent step in the right direction. Those that carry the highest credit score scale are much more favored and preferred than those with lower FICO scores. The benefits can include lower interest rates, higher loan amounts, longer periods of an amortized loan, and many more advantages that can save you hundreds of thousands of dollars. You ratings will boost very high by following the proven strategies to raise your FICO on the credit score chart.

Check your credit score for Free today! Visit =%26gt; Credit Score Scale to know exactly where your credit report is now!

A big untold secret comes from the tip to always pay down your credit card every month. This is only partially true. It is important to service you debt every month and pay off the minimum payment but you must actually keep debt on your card! This is shocking to many but it’s true. The more you can show lenders that you can handle debt, the more responsible and credit worthy you are perceived. If you’re going after the highest credit score scale, you’ll want to use this helpful time regularly.

Even if you are only carrying $1 per month, it will still work. I carry $1 every month after paying down my card. This way I do not have to pay interest to the creditors and I can still show that I carry a debt on a monthly basis and service my cards properly.

The next most important tip for building the highest credit score scale is to always check your credit report on a regular basis. This way there is no way you can get cheated by random credit decreases, higher interest rates, or identity theft. These problems happen on a regular basis and are very unpredictable yet highly common.

For more information on how to boost your FICO quickly with proven strategies, check out the Credit Score Scale today.

Credit Score Scale range?

Hi. What is the current credit score scale? I thought the 800 range was the highest but then I ran my credit reports and now looks like 990 is the highest. Did the scale change?

Answer
There are a few different scoring models out there. The one that probably is trusted most is Fico and it tops out at 850. Experian uses Fico. You can get more information at http://www.myfico.com .

Others use the Vantage scoring system which goes to 990. That one hasn’t been around as long as Fico and may not be as accepted by lenders.

There is also a FAKKO scoring model which is an estimated FICO score provided by a third party company. FAKKO is pretty useless.

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How You Can Get The Best Credit Score Scale Quickly

May 29th, 2011 by admin

If your credit rating needs some attention, the decision to do something about it is a big step in the right direction. People with excellent credit histories are much likelier to obtain credit than loan applicants whose FICO scores are low. Higher credit scores give a borrower a number of advantages, including larger loans, loans that carry significantly lower interest rates, longer loan terms, and additional benefits that can offer up to six figures in savings.

One of the least known secrets is based on the advice to reduce the balance on your credit card account each month. This suggestion is good, but only to a certain extent. You must keep your credit card account current by at least meeting the monthly minimum payment; however, you do not want to pay it off completely! The validity of this strategy may surprise a lot of people. Keeping some debt in your name proves to lenders that you are able to handle the responsibility, and thus you will be viewed as more credit-worthy. Be sure to use this approach if your goal is to maximize your credit score.

Even a credit balance of only $1 can help you. I pay off all but $1 of my balance every month. By taking this approach, there is no interest to pay, and I demonstrate that I can manage my debt each month and take care of my financial obligations.

There is something else that is critical if you want to maximize your credit score, and that is to consistently monitor your credit history. If you do this, it’s less likely that you’ll be charged unfairly with unexpected credit limit decreases, higher interest rates, or even be the victim of identity theft. These things happen routinely, but they are very difficult to anticipate, nonetheless. Have you reviewed your credit report recently?

Discover how to get the best credit score scale easily.

I have specialized in credit building and personal financial planning for the past 15 years and just love helping people get their finances back and looking great.

questions about my credit score!! help!?

i recently checked my credit report and i got a score of 588. according to the scale that is poor credit!. i live in california. and i am wondering how can i raise my credit?? i mean i cant get approved for any credit cards at any banks i cant even get approved by stores like Sears and even TJ Maxx?? they send me a letter back saying ” few revolving accounts opened long enough to establish credit history” but how am i suppose to start an account if no one approves me. i am 21 years old and if i cant get a credit card how will i ever be able to raise that score?? any ideas???

Answer
go to bank of america and open up a secured credit card with just 300.00, in about 9 months if you act responsibly with that card they will make it unsecured and return your money

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Guide to the Credit Score Chart amp Credit Score Scale

May 26th, 2011 by admin

A person’s credit score is derived by doing statistical analysis and it represents the person’s creditworthiness. Experian, TransUnion, and Equifax are the three main credit bureaus in the United States that provide credit scores. Be aware that income is not analyzed when calculating credit scores. Instead, the FICO (Fair Isaac Co.) is used as a standard credit score scale. An individual’s credit risk is calculated to a score between 300 and 850, with the average American having a credit score of about 723.

Financial institutions such as banks and credit card companies use credit scores to estimate the potential risks posed by giving loans to consumers and to reduce losses due to bad debt. Also, credit scores will determine whether the loan applications are approved, and if they are, at what interest rates they will be offered.

5 factors that determine credit scores:

Timely payment on loans (35%) Total outstanding balance on current debts (30%) Length of credit history (15%) Types of credit accounts owned (10%) New credit applications and the types of accounts recently opened (10%)

Understanding a credit report:

700 – 850: Excellent Credit

People under this category are qualified for the lowest interest rates and fair repayment terms.

680 – 699: Good Credit

They will usually be offered favorable terms for loans.

620 – 679: Reasonable Credit

Loans are still offered, but not at good interest rates.

550 – 680: Poor Credit

People with these scores find it difficult to have their loans approved. Even if they are offered, they will be charged high interest rates.

Below 550: Very Bad Credit

People who have very bad credit must consider ‘credit repair’ before applying for loans. Otherwise, it is almost impossible to obtain loans.

Lastly, it is also crucial to know what a credit report is made up of:

Identifying information – identifies who you are Credit history – your trade lines Public records – existing legal proceedings Inquiries – new credit applications

Better financial decisions can be made by knowing your credit score and how to interpret your credit report.

For more information credit score chart and credit score improvement, visit CreditScoreEssentials.com.

Credit Score Scale and Report?

Can anyone tell me where to find a credit score scale to understand the meanings of FICO scores and their significance?

Also if I could be directed to an actual FREE site to pull my credit report that would be helpful. Thanks!

Answer
The credit score scale ranges from 300-850 FICO scores. These are issued by the credit bureaus who include Trans Union, Equifax and Experian.

300-500 is very low and typically means you’ve done something damaging
500-650 is still low yet sometimes capable of getting decent loans with
650-720 is a high FICO that will allow you get nice interest rates
720-850 is a very high score and you can almost walk on water at any lending department (of course other factors may be included for most loans)

I found an excellent resource that I’ve included below which will show you a graph of the credit score scale as well as many tips on how to increase your score very high within a short period of time.

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Credit Score Scale Improve your FICO Fast With These Tips

May 23rd, 2011 by admin
Here are a few tips to advance you on the credit score scale that will provide you with much more lending potential:

- Always pay off your balances every month. Sure this is probably a no-brainer for most but consistency is key here. Have you heard to saying ‘it’s not what you know, it’s what you do?’. Well the same applies here. Make sure to service your debt and make payments every month and overtime you’ll see a great score. But you cannot miss even 1 time, that will shatter your scores. You may want to use a automatic bill payer or have reminders go off every month so you can pay bills on time.

Along with servicing your debts every month, here is another trick that may not be so talked about to build a nice FICO on the credit score scale.

- Never pay off all of your credit card debts. This really goes against the grain from what most of our parents taught us but it is very true. The credit bureaus will actually like seeing you carry just a little debt every month as long as you can: a.) service your minimum monthly payment and b.) never carry too much debt. This right here is a secret tip for getting a strong FICO to boost your credit rating. I will carry $1 every month on my credit cards to show that there is a debt carried. This has boosted my scores tremendously.

Last but not least, here is the missing key that many overlook but it plays a major role in boosting your credit score chart.

- Always monitor your credit reports. If you really want to grow your profile to look good on the credit score scale then you must check your credit report regularly. And you must do this yourself!

Banks and loan offices will deduct points of your credit score when they pull your report because it is a ‘hard pull’, you do not want any points lowered from your report so you must do it yourself online. For those who maintain strong FICO’s, they do this because they are on top of things. There are changes that go on all the time such as increased interest rates, lowered credit limits, additional cards added that you are unaware of, or even identity theft (that happens all the time). You can be on top of things when you see your current credit report regularly to correct any mistakes that happen to you credit score rating.

Now you should be on your way to building a strong profile on the credit score scale. For more information, check out the original article source here:
http://www.buzzle.com/articles/credit-score-scale-how-to-get-a-high-rated-fico-and-strong-credit-profile.html

credit score scale is upto 950 :S ?

this is in reference to my other question

http://answers.yahoo.com/question/?qid=20080509140609AAe4Jqx

I got my score from annualcreditreport.com which is the website clark howard recommends. on my report the score scale is from 350 to 950 but a lot of people are telling me that maximum possible score is 850 ? does that mean 950 is just a hypthetical score or have they changed the scale

Answer
It is likely the VantageScore, which ranges from 501 to 990. The VantageScore goes past 850, not the FICO score. So, I’m thinking that you might be getting the two scoring models and their ranges mixed up.

PS.: I replied to your other question about this.

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Credit Score Scale Obtain A High Fico Fast

May 20th, 2011 by admin

|You do want to establish a small debt and be able to show you can service it responsibly. A common myth that many old timers carry is that you must always pay back the exact amount of money that you’ve borrowed at the end of the month. That is a good rule to understand but not always the best practice to apply when building credit to establish the highest rating on the credit score scale.
Many credit advisers will suggest not going over 30-35% of your credit limit to get the greatest credit score scale. This is another very important tip to keep in mind. But if you can pay everything off, you should to avoid paying interest rates. As long a you leave a small debt on there consistently such as one dollar or so, you’ll be well on your way to building credit in no time!
Pulling your credit is important because a credit profile can change on a regular basis going up or down. If you’ve carried a lot of debt and then pay off your credit cards it will raise many points, which is great. But did you know that carrying a little debt is a good thing for a nice FICO on the credit score scale? The credit bureaus look for several factors when giving you a FICO score. One of the factors is if you can show the responsible usage of debt. What I do to show this and also not have to pay hefty interest rates, is leave one dollar on my cards every month after I pay them down. This way it shows that I can service my cards, and still carry debt responsibly.
Do you know what your highest rating on the credit score scale? When was the last time you checked it? If it’s been a while you may want to consider pulling it again, but not from a loan officer because that is what is considered a hard pull. When you first receive a credit card there are many rules you must understand such as servicing the debt, and that you should not charge up more credit than you can afford to pay back.?

Do you want to check your credit score scale for Free? Go here now => http://creditscorescaleinfo.com/credit-score-scale-info and see exactly what your credit score is today!

 

 

How is one supposed to know how much you have to pay in order to improve your credit score?

For instance… I’m currently 597, which is considered poor. The scale states I need to be at 620 to be considered fair. I have two credit card bills that I’m paying off, one is $3000 and one is $2000. So in order to get those 24 points to be “Fair”, how much money do I need to pay on these bills? Like if I pay $500 on the $3000 bill, will that give me the extra 24 points?

I don’t understand how that works. Is there like a scale somewhere that shows how much you have to pay in order to get X amount of points?

Answer
No. The fair isaac formula is not published.

In short, the best way to improve your score is to have a record of good on-time payments, low debt to income ratio, and not a lot of open credit.

Pay your bill on time every time. And use credit only when you must.

Stop worrying about some SCORE and start thinking about your financial postion and your peace of mind.

Pay that debt off !!!!!! What happens if you lose your job tomorrow? Your credit would go in the crapper.

LIVE DEBT FREE!!!

www.daveramsey.com

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Credit Score Scale Secrets

May 17th, 2011 by admin

Credit building is a strong and valuable practice that many know how to do but very few actually do it well and are able to maintain responsible credit usage to boost their credit score scale. There are many experts who suggest opening and servicing three different credit sources. These lines could be a gas card, a credit card, and even a vehicle loan.

Once you pay off your debts established to a little bit more than the minimum that is due on your balance, you’ll be off to a good start to building credit.  It often is good to have a co-signer for your first credit accounts that are established as begin to grow your profile on the credit score scale.

Lenders like to see a co-signer often times for your first few accounts so that they can have someone who is trustworthy.  A co-signer can be a good thing to have on your file because it will reduce your monthly interest rate payments. Any future debts will not be as much if your co-signer has a nice FICO score. But you’ll need to make sure they fully trust you if they are going to be your co-signer on the account.

The more you can show lenders that you can handle debt, the more responsible and credit worthy you are perceived. If you’re going after the highest credit score scale, you’ll want to use this helpful time regularly.   After having a nice looking score, you will be contacted by various lenders including banks and other business offers. These offers will come with great advantages as you build credit such as lower interest rates, cash back, and airplane miles.

It’s important to be aware when starting out because having many cards will harm you score if they’re not used. Typically I’ll only recommend having two to three lines at first. That was you can take it slow and handle them well to build a nice credit score scale.

Do you want to check your credit report for Free? Visit the credit score scale and see exactly what your credit score is today!

Is my Credit Score good??

I recently checked my credit score on Experian and it said that it is 722 on a scale of 501-990 and then I estimated my credit score on MyFICO and is says that my score ranges from 705-755. Are these GOOD?? Average? Bad? Are there different ways to score credit?

Answer
You’re off to a good start. Still 722 is about a C+ and you could get much better still..

I’ve got 10 steps you can use to build your credit score. I raised mine to well over 700 points fro 500 using these steps over a year — :

# Know and Track Your Credit Score (and be sure to sign up for the 30-day free trial of your credit score monitoring listed on the article below. It really helped my get my score up.)
# Never Miss a Payment, Starting Today
# Never use more than 20% of your Available Credit
# Keep Credit Cards that Have No Annual Fees Open For as Long as Possible
# Extend Your Credit Limit on Cards You Already Have before You Get New Ones
# Get Credit Cards that Have CashBack Rewards to Contribute to your Balance
# Transfer Your Balance to a Credit Card with a Lower Interest Rate and a Higher Available Credit-
# If You Think You Are Going to be FORCED to Pay a Bill Late Ask for an Extension or Payment Plan
# Take out a Small Personal Loan and Repay it Over a Year
# Ask Someone With Good Credit if They will Account Shadow you

Read the full article here, it gives you an overview of credit scores, and the 10 steps in detail on page 2 .. Good luck!

http://millionster.com/articles/debt/increase-fico-credit-score/

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How to get high rating in credit score scale

May 14th, 2011 by admin

One of the reasons why people find it extremely difficult to pay their outstanding debts is because they have a tendency to overspend instead of watching the remaining bank balance in their banks. That is because they are not spending with cash; a credit card is in their hand and all they have to do is run up bills which are going to appear in their mailbox a couple of weeks from now. Many people believe that at that time, they will have enough of funds to pay their outstanding bills. What they might forget is that some unnecessary expenditure makes it impossible for them to pay the bills at the given time. One outstanding bill is going to reflect upon your credit. That is the reason why many people find their credit score going down drastically in credit score scale. Now, here is some easy tips , which can be used to raise your credit score in credit score scale.
So to raise your credit score, the most sensible thing is, of course to pay every single bill as soon as possible. You might also want to concentrate upon any sort of outstanding debt. For example, you have taken a car loan. Start concentrating upon repaying off the loan amount in the next couple of months. Once a financial institution gets to know that you are serious about repaying your debts, they might consider you to be a much better and conscientious risk for a loan in the future which will raise your credit score in credit score scale.. So there is more chance of a company lending you money, if they see that you have repaid an already taken loan, in the past.
You might also want to going for some goodwill hunting, if you find a statement, which has a lower credit score rating in credit score scale than what was normal. If you happened to be a good customer, you could always ask the financial institution to erase any sort of negative statement in the form of one late or missed payment, which is reflecting so badly on the final statement. This is going to have an adverse effect upon the credit history, but once it has been erased, it might bring your credit rating to a much more respectable level in credit score scale.. Many companies may not be as altruistic as to think of this as a telling point, when you are trying to get a loan from them, but nothing ventured anything win. It would have a positive effect upon your rating and your credit score in credit score scale , will get  complete ‘all clear’ Certificate from the lender.

: If you want to raise your credit score on credit score scale visit http:// www.7stepsto720.com.

how can you raise a credit score quickly by about 50 pts. I know paying bills on time is the way to go but if?

a person has only 1 payment that is reportable then it could take a long time to raise scores. suggestions please.

also what is the scale for credit rating? thanks.

Answer
Pay off 90% of your outstanding balances, that makes a huge difference.

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Ways to raise your credit score on credit score scale

May 11th, 2011 by admin

Once upon a time a large number of people with credit cards did not have to bother about their credit score. They bought things on credit. They also took out big loans. They are the bills at the end of the month and settled them in a couple of days. So their credit score rating on Credit score scale was extremely good. Nevertheless the times changed and the global situation over the world is a matter of the finance went bad. It began to be very difficult to pay the bills on time. That is the reason why the credit score of a large number of people went down proportionately and to raise your credit score becomes extremely important.
If you come under that category it is an even Stephen chance that you would want to raise your credit score on Credit score scale. That is why you might be looking all around for Credit repair secrets which are going to have a really positive and uplifting effect on your credit score. There are plenty of companies in the market today which provide credit repair secrets especially on Internet which can promise to raise your credit score sky high. The idea is that they have some amazing Credit repair secrets. It is with the help of these special credit repairing tips and secrets known only to professionals that you are going to get an enhanced credit score on credit score scale.
There are only a few companies who really deal with this matter legally. The other 90% may be just fly-by-night operators and con games. So if you are looking for some really good Credit repair secrets you need to implement them yourself. The best Credit repair secrets are the ones which are going to use a lot of common sense as well as a bit of self-discipline. First of all, you have to look at all the expenditure you have done during the past couple of months. Have you been overspending on one credit card? Even when you know that your financial situation is a bit tight? How are you going to pay the bills?
That is the first credit repair secret. Pay all your bills immediately. Discharge all your overdue bills on your credit cards. After that you have to concentrate on paying of every single loan. That is where the self discipline part is going to kick in. Once all the bills as well as all the loans are paid off you are going to see a great difference in the credit score on credit score scale.

If you want to raise your credit score on credit score scale, visit http://www.720creditscore.com.

What is the highest credit score someone can have?

The scale that my credit rating shows up on only goes up to 850. Can it be higher?

Answer
FICO can go to 850. VantageScore can go to 990.

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