Credit Report - How Your Credit Score is Determined
Most consumers are aware that they have something known as a credit report that is used to determine whether or not they would qualify for a loan. Fewer are familiar with the FICO score, a creation of the Fair, Isaac, and Co. which distills their entire credit report down to a three-digit numeral. What, exactly, is this score? How is it compiled? Can anything be done to improve it?
The FICO credit score is used by all three major credit bureaus - Experian, Trans Union and Equifax. They are the companies that keep track of the credit and lending transactions of millions of Americans. The score is used to provide, in a nutshell, a figure that represents the credit-worthiness of a consumer. That score, which ranges from a low of 300 to a high of 850, is used in many ways by businesses and employers. The score is used by insurance companies to set rates, landlords to establish security deposits, and even prospective employers to determine whether hiring someone is a good risk. Despite the importance of credit scores in their lives, few Americans understand how it works.
The score is determined by a variety of factors, each of which makes up a portion of the score:
By seeing how a credit score is compiled, consumers can take action to keep their scores healthy. A good score helps borrower obtain loans at better interest rates, and that is something that everyone can appreciate.
©Copyright 2005 by Retro Marketing. Charles Essmeier is the owner of Retro Marketing, a firm devoted to informational Websites, including End-Your-Debt.com, a site devoted to debt consolidation and credit counseling, and HomeEquityHelp.com, a site devoted to information regarding mortgages and home equity lending.
MORE RESOURCES:
 MSN UK News | Credit firms on Facebook 'breaking the rules' Telegraph.co.uk, United Kingdom - Credit firms who target young people by advertising on social networking websites such as Facebook are breaking advertising rules, a charity has said. ... Facebook users warned about loan adverts Credit firms breaking rules with Facebook ads Credit ads breaking Facebook rules |
 This is Money | Credit Suisse, GE Raise $5.64 Billion for Infrastructure Fund Bloomberg - By Jason Kelly May 12 (Bloomberg) -- Global Infrastructure Partners, the private-equity venture created by Credit Suisse Group and General Electric Co., ... Infrastructure duo raise £5bn |
 Dallas Morning News | Regulators' moves to stop credit card tricks deserves vocal support Dallas Morning News, TX - Consumers should be applauding and pushing rules proposed by the Federal Reserve and other regulators to rein in some much-criticized practices of credit ... A guide to how new credit card rules could affect you Michelle Singletary: In credit card game, users usually are losers Good ideas for credit card reforms |
Nigeria: Credit Registry Accelerates Transformation of Country's ... AllAfrica.com, Washington - CreditRegistry, Nigeria's pioneer private credit bureau is set to transform the retail credit unit of the financial services sector, as plans have been ... |
 Jackson News-Tribune | IndyMac swings to 1Q loss, sees 2008 loss The Associated Press - (AP) — IndyMac Bancorp says it swung to a first-quarter loss as deteriorating credit markets forced write-downs on the value of mortgage-backed securities. ... IndyMac Bancorp Reports First Quarter Loss of $184.2 Million ... IndyMac Swings to Loss, SUBPRIME TODAY |
CapitalSource renews two secured credit facilities totaling $1.38 ... Forbes, NY - NEW YORK (Thomson Financial) - CapitalSource Inc. Monday said it renewed two secured credit facilities totaling $1.38 billion. Citigroup (nyse: C - news ... |
MBIA posts huge loss on credit derivatives Reuters UK, UK - The 2008 figure included unrealized losses on insured derivatives, such as credit default swaps, of $3.58 billion. Factoring in the unrealized losses, ... |
Telecom increases standby credit facility Stuff.co.nz, New Zealand - The new facility, with Telecom's existing bankers, replaces the previous standby credit facility which had a limit of US$500 million (NZ$654 million), ... TEXT-NZ's Telecom increased standby credit to NZ$800 mln Telecom Raises Standby Credit Facility |
Portfolio Recovery Associates Increases Bank Credit Line to $340 ... CNNMoney.com - These are the unpaid obligations of individuals to credit originators, which include banks, credit unions, consumer and auto finance companies, ... |
Credit derivatives slam MBIA Q1 Business News Network, Canada - MBIA had warned investors in February that it could face write-downs on its credit derivative positions. It posted $3.7 billion of losses from the change in ... MBIA Posts $2.4 Billion Loss for 1st Quarter MBIA Inc. Reports First Quarter 2008 Financial Results MBIA Posts Loss of $2.4 Billion as CDO Slump Deepens (Update2) |
Credit - Google News
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