FYI for those in the U.S.
Abdoulie A. Jallow
www.dalasigram.com
Making sending funds home more fun than hassle.
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402-639-1105
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Fair Isaac Credit Reports Available to Consumers
Fair Isaac, the company that can either be your friend or your foe when you
apply for a loan, has finally decided to make its secret credit analysis
scores available to the general public. Previously, these top secret scores
were only available to lenders.
The scores are based on information that is available in standard credit
reports. The point of the scoring system is to give lenders a picture of how
likely a particular consumer is to repay a loan and to make the payments on
time.
There are five criteria used in determining the Fair Isaac (FICO) score. The
percentage shows how much each item weighs in the total score:
Payment history (35%): Payments to credit cards, retail stores, installment
loans, and mortgages are included in this analysis. Public records of
bankruptcies, liens, foreclosures, lawsuits, and wage garnishments will also
be considered. A history of late payments will count heavily against you.
Late payments on one or two accounts can be overcome by high ratings in
other areas.
Amounts Owed (30%): The amount you owe on all types of accounts will be
combined.. Having lots of credit accounts, even if only small amounts are
owed, is seen as a negative. Credit cards balances hovering close to the
maximum will count against you. Installment loans that have been paid down
will count in your favor.
Length of Credit History (15%): A lengthy credit history is beneficial
because you are able to be judged over a period of time.
New Credit (10%): The number of requests for credit you have made recently
will be analyzed.
Types of Credit (10%): A healthy mix of credit cards, installment loans,
retail accounts, and mortgage loans will work to your benefit, particularly
if there is not much information available in the other factors.
A sample FICO report is available for you to view, and you can order your
own FICO report at Fair Isaac's MyFICO Web site <<http://www.myfico.com/>>.
The cost of the report is $12.95.
AccountingWEB US 21 Mar 2001
Categories: News, Economy
Story read 1362 times
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