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Credit Scores
These Are Very Important For Loans & Interest Rates Credit Scores - What They Are & How Do I Get One? A FICO score is a credit score. Each credit bureau has a way of scoring and a name for that score. The Equifax Credit Score is called a Beacon, The Trans Union Credit Score is called an Emperica and The Experian Credit Score is called a Fair Isaac Model, not to be confused with Fair Isaac Company. FICO stands for Fair Isaac Company the makers of the model that computes a person credit score by the information contained in the credit reports. When you fill out an application with a creditor for any type of loan the creditor will run your credit report (called and Inquiry) and the information the creditor gets back is a copy of your credit report and score. The creditor may get one credit report with a score or he may get all three credit reports with scores this depends entirely on the creditor. GET CREDIT SCORES GET CREDIT REPORTS GET CREDIT CARDS You can also order credit scores by calling the bureaus directly information for numbers to credit bureaus is located on the credit report page. All three credit bureaus will more than likely have a different score and also will report different information in your credit files. The Credit Scores are important since creditors are not going to give you a loan if the credit score is too low. The main purpose for a credit score is to rate the risk of giving you a loan. The score is derived by the information stored in the repositories of the three credit bureaus. There is no rhyme or reason to how a credit score is obtained but a few things are for sure, if you have bad credit your scores are going to be low if you have no bad credit your scores will be fair to excellent. Credit scores have a lot to do with age, whether you are single or married, own a home or rent and how long you have had credit. So the ideal person to lend credit to using all these guidelines would be 80 years old living in the same location for 50 years with eight credit cards that were established when he/she was twenty years old and the person has absolutely no debt. Most of us are not going to meet these guidelines but you can still have excellent credit scores by knowing what to do. Return To Previous Page Page Last Updated
Sunday July 01, 2007 | 
