What best defines a credit score?

A credit score is best defined as a statistical assessment of creditworthiness. This score is derived from an individual's credit history and other financial behaviors, providing lenders with a quick way to evaluate the risk of lending money or extending credit to that individual.

The score typically ranges from 300 to 850, with higher scores indicating lower risk to lenders. It is calculated using various factors, including payment history, amounts owed, length of credit history, new credit, and types of credit used. Lenders utilize this score to make informed decisions regarding loan approvals and terms.

The other options do not accurately reflect the nature of a credit score. A measure of an individual's savings pertains to their savings account balances or investment holdings, which are not related to creditworthiness. A record of all credit inquiries does exist but focuses on the requests for a consumer's credit report rather than quantifying creditworthiness. Lastly, a method for calculating income refers to a person's earnings, which also does not correlate to their credit score. Thus, the selection of the statistical assessment of creditworthiness as the best definition encompasses the scoring system's purpose and function in lending assessments.