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Because other credit scores look similar to FICO Scores, consumers have no way of determining, through the credit score itself, whether or not it's a FICO Score.
All this is reflected in a 3-digit numerical value known as a credit score that is calculated using mathematical algorithms based on financial data taken from the consumers' credit history.
The Consumer Federation of America and VantageScore Solutions reported that a recent survey they jointly sponsored found consumers have better understandings of credit scores, but still lack good knowledge of credit score impacts.
So in other words, a borrower who had a 600 credit score in 2005 does not represent the same amount of default risk as a borrower with a 600 credit score in 2010.
Whether you want to rent a home, get a job, or be approved for almost any type of loan, your credit score may be a factor in the outcome.
ca has announced the launch of their free online credit score calculator that offers Canadians a free approximation of their current credit score rating.
Or the same exact credit score can qualify a borrower for a loan one year but not be high enough the next.
California, New Jersey and Massachusetts residents have the highest average credit score in the country at 685
4 million people, now have a credit score of 599 or below, marking them as poor risks for lenders.
An individual's credit score is a snapshot of their credit file at a specific point in time.
If so, then does the use of a consumer's credit score for underwriting purposes result in discrimination against people of certain racial, ethnic, or income groups?