0
Credit scoring , sometimes called risk scoring, is a rating by a credit bureau to determine your credit worthiness and the likelihood and timeliness of loan repayment. A credit score may impact whether or not you receive credit as well as other credit terms such as percent interest rate, etc. Lenders consider several factors, including a credit score, when extending credit (http://www.extension.umn.edu/distribution/businessmanagement/M1180.html). Today, most creditors determine whether they are going to lend or not based on your FICO score. The scoring system got its name from the company Fair Isaac. Fair Isaac is an independent company that came up with the scoring method and software used by banks and lenders, insurers and other businesses. Each of the three major credit bureaus (Experian, Equifax and TransUnion) worked with Fair Isaac in the early 1980's to come up with the scoring method (http://money.howstuffworks.com/credit-score.htm).
Wiki User
∙ 15y ago
Add your answer:
Earn +20 pts
Is FICO score and credit score the same thing?
IS FICO AND CREDIT SCORE THE SAME THING? IS FICO AND CREDIT SCORE THE SAME THING?
What is the difference between your credit score and your beacon score?
Your beacon score is basically an equifax branded FICO score, there is no difference except that a beacon score uses data found in your equifax credit report only. So if data furnishers do not report to equifax it will not appear on their credit report and thus this information will not be reflected in your beacon score.
How can a FICO credit score be obtained?
A FICO score is obtained with information taken from a person's available credit information. The score is sold by the FICO Company to interested financial institutions.
Is FICO the only credit score company?
No Fico is not the only credit score company. There are three major credit companies as well as Fico. Experian, Equifax and Trans-Union. Each one will give you a different credit score as well
What is max credit score?
The maximum credit score based on FICO is 850.
The difference between FICA and FICO?
FICA is an acronym for Social Security. FICO is one for a credit score provided by one of the credit agencies.
Is FICO score and credit score the same thing?
IS FICO AND CREDIT SCORE THE SAME THING? IS FICO AND CREDIT SCORE THE SAME THING?
What does the word fico mean in slang?
"Fico" can be a slang term for a small, insignificant amount of money, derived from the Italian word for fig, which is small. It is often used in a dismissive or belittling way, referring to something as being of little value or relevance.
What is the difference between your credit score and your beacon score?
Your beacon score is basically an equifax branded FICO score, there is no difference except that a beacon score uses data found in your equifax credit report only. So if data furnishers do not report to equifax it will not appear on their credit report and thus this information will not be reflected in your beacon score.
How can a FICO credit score be obtained?
A FICO score is obtained with information taken from a person's available credit information. The score is sold by the FICO Company to interested financial institutions.
Is FICO the only credit score company?
No Fico is not the only credit score company. There are three major credit companies as well as Fico. Experian, Equifax and Trans-Union. Each one will give you a different credit score as well
What is max credit score?
The maximum credit score based on FICO is 850.
What are the 3 credit agencies that make up the FICO score?
Credit bureaus don't make up a FICO score. FICO score are based on the information on a consumber's credit bureau file. There are 3 credit bureau's are: Equifax Trans Union Experian
Where could one get a free Fico credit score?
Fico credit score can be found at MyFico. In there one can get information about his credit score as well as about his credit reports, all onine. The use of the site is for free.
How does 753 fico score rank?
would a credit score of 753 be considered a good credit score?
What does a 331 FICO score mean?
A 331 FICO score means in plain english---You have horrible credit. You can`t even get bubblegum on credit :P
If you reduce your credit limit on a credit card does it affect your credit score?
yes, it will lower your FICO score.
