Posted on: 17th Oct, 2005 05:31 pm
What is a FICO score and why does it change from time to time?
Hi Allen,
A FICO score is a measure of your creditworthiness. It usually ranges from 300 to 850. The higher the score, the lower is the risk. It is found in general that borrowers with high FICO scores have less serious payment delinquency compared to borrowers with low scores.
Most credit bureau scores in the U.S. are prepared by Fair Isaac and Company, or FICO. Due to this, these scores are often called FICO scores Equifax, Experian and TransUnion are the three major credit reporting agencies who provide FICO scores to the lenders.
It is possible that the data which these credit agencies have on you is different with different agencies. As a result the score provided by each may vary with each other.
FICO scores are calculated on the basis of information contained in your credit file. With the change in credit history the FICO credit score also changes. Sometimes we get information from different credit bureaus at different times showing different scores as they were not prepared at the same time. If the creditors restrict in reporting information to certain credit bureaus and not to all then also there is a chance of variation in information in your files available with different credit bureaus.
Hope this information will be helpful to you. For more details on this topic please visit our section on Credit score and its importance and Is interest rate affected by FICO score?.
Regards,
Caron
A FICO score is a measure of your creditworthiness. It usually ranges from 300 to 850. The higher the score, the lower is the risk. It is found in general that borrowers with high FICO scores have less serious payment delinquency compared to borrowers with low scores.
Most credit bureau scores in the U.S. are prepared by Fair Isaac and Company, or FICO. Due to this, these scores are often called FICO scores Equifax, Experian and TransUnion are the three major credit reporting agencies who provide FICO scores to the lenders.
It is possible that the data which these credit agencies have on you is different with different agencies. As a result the score provided by each may vary with each other.
FICO scores are calculated on the basis of information contained in your credit file. With the change in credit history the FICO credit score also changes. Sometimes we get information from different credit bureaus at different times showing different scores as they were not prepared at the same time. If the creditors restrict in reporting information to certain credit bureaus and not to all then also there is a chance of variation in information in your files available with different credit bureaus.
Hope this information will be helpful to you. For more details on this topic please visit our section on Credit score and its importance and Is interest rate affected by FICO score?.
Regards,
Caron
Hi Allen
It is a credit score which is developed by Fair Isaac & Co. It is a method of determining the ability of the borrower for paying back the loan.
Now it is widely used by the lenders as a reliable means of credit evaluation. A Credit score attempts to condense a borrowers credit history into single numbers.
Thanks,
-jerry
It is a credit score which is developed by Fair Isaac & Co. It is a method of determining the ability of the borrower for paying back the loan.
Now it is widely used by the lenders as a reliable means of credit evaluation. A Credit score attempts to condense a borrowers credit history into single numbers.
Thanks,
-jerry
what is my credit score
You'll usually have to pay to see your credit score but if you're curious the best place to get them would be directly from the credit bureaus themselves. Each of the credit bureaus Caron mentioned above have a website you can visit for more information how to view your credit score. :D
