Hi,
If variables are highly correlated then first step after running factor analysis is to see eigen values which represent variation explained by factors. As an example, if first eigen value explains 80% of the variation then first factor score would be sufficient for subsequent analysis and this can also be used as a representative of four variables.
On the other hand, if more top two eigen values significantly expains most of the variation in orginal variables then you have to use two factor scores in regression analysis. Lastly, running separate factor analysis may produce factor scores which may be again correlated and can introduce overfitting and destablize parameter estimates.
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