![]() ![]() Even some insurance and utility companies will check FICO Scores when setting up the terms of the service. Why are FICO Scores important?įICO Scores help millions of people like you gain access to the credit they need to do things like get an education, buy a first home, or cover medical expenses. Learn more about the history of FICO Scores. Before the first FICO Score, there were many different scores, all with different ways of being calculated (some even including gender and political affiliation). Thirty years ago, the Fair Isaac Corporation (FICO) debuted FICO Scores to provide an industry-standard for scoring creditworthiness that was fair to both lenders and consumers. Because FICO Scores are calculated based on your credit information, you have the ability to influence your score by paying bills on time, not carrying too much debt and making smart credit choices. Not only does a FICO Score help lenders make smarter, quicker decisions about who they loan money to, it also helps people like you get fair and fast access to credit when you need it. It measures how long you've had credit, how much credit you have, how much of your available credit is being used and if you've paid on time. You can think of a FICO Score as a summary of your credit report. In most cases, they'll look at your FICO Scores. When you apply for credit, lenders need a fast and consistent way to decide whether or not to loan you money. ![]()
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