Advice on FICO Scores
Demystify the FICO score calculation with some good informationThe Fair Isaac and Company score, otherwise known as the FICO score rating, is the most widely used barometer of credit. It can be a blessing or a curse for consumers, depending on who you consult. The FICO score estimator formula arrives at a three-digit number that tells the creditworthiness of a consumer based on several factors, including payment history and the ratio of debt to available credit. The FICO score rating is available through most major consumer reporting agencies.
While Fair Isaac maintains that most people score between 300 and 850 on a FICO score range, the number is a bit of a mystery in terms of average scores and score availability, as well as which version of the FICO score is used. We're in luck that there are plenty of online sources ready to lend some good advice and ratings on FICO scores.
To find out more about FICO scores, consider the following.
1. Learn as much as you can about how your financial decisions affect your FICO score.
2. Know which version of FICO is used to rate to understand factors that impact your score.
3. Understand how FICO compares to other credit numbers.
Seek to understand FICO scores and how they're used
Get up-to-date information on the FICO scoreThe FICO Score has been periodically upgraded over the years by the Fair Isaac Company in an effort to provide a clearer picture of a person's creditworthiness. When understanding the number, it's important to know which version of FICO credit score the creditor is using to rate you.
Learn ways to monitor FICO scores and repair creditThe FICO score, contrary to popular belief, is usually not free. The FACT Act, which required access to credit scores, does not apply to the FICO score, for which consumers have to pay a range of $6-$16 for access to their score.
Copyright © 2013 Business.com, Inc. All Rights Reserved.