Credit Score Showcase Part 5 FICO

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Credit Score Showcase Part 5 FICO
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• If a lender is checking your credit score,
  chances are they are checking it with FICO. Named
  Fair, Isaac, and Company in 1956, the company was
  later rebranded as the Fair Isaac Company in 2003
  and finally FICO in 2009. Selling over 10
  billion credit reports annual since 2013, FICOs
  3-score system displays credit score statistics
  from Equifax, TransUnion, and Experian. 
• With products geared to the automotive and
  mortgage industries as well as retail, banking,
  and financial consultation services, FICO is the
  big fish when it comes to todays credit
  reporting.

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Quick Facts

• Company FICO
• Founded 1956
• Services Consumer Credit Scores, Commercial
  Credit Solutions
• Countries Worldwide
• Price Range 19.95

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What goes into a FICO credit report?

• FICO credit scores range from 300 to 850 points,
  and you are analyzed based on your payment
  history, the amount of debt you have, your length
  of credit history, and if your credit is new or
  not. According to the FICO metrics, to get a good
  credit score you should have a long credit
  history, no serious delinquency, and recent
  credit card use. Factors that could potentially
  damage your credit score include high credit
  usage, recent collection items, or bad payment
  history. Today, over 90 of US lenders use the
  FICO system to qualify you.

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How often should you get your FICO score?

• In general, it is a good idea to keep a close eye
  on your credit which means ordering and reviewing
  your score annually or, more frequently if are
  planning on improving credit. Keep in mind that
  each time you apply for new credit, another
  credit inquiry is added to your report. Each
  credit inquiry you add can potentially affect
  your ability to apply for products or services in
  the future, so keeping tabs makes sense. Another
  good reason to check your credit score often is
  that if you see a credit inquiry you didnt apply
  for, or an open trade you didnt ask for, your
  identity might have been compromised.

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• For those that do find unwanted or excessive
  inquiries, contact Inquiry Busters to have them
  removed for less.

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• Thanks for stay with us.