Tag Archives: FICO

What’s With All These Different Credit Scores?
You’re probably familiar with the importance of credit scores. Lenders and stores use your credit score(s) to decide whether or not to extend credit to you. They also use them to decide what interest rate to charge you on a loan or credit card, as well as the credit limit. And even whether to require a deposit when opening a new account. But with all the different...
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Big Changes Predicted for Credit Scores in 2017
If there is one thing we've come to learn about the credit reporting industry it's that it is always changing. And NCES founder, George Cole, is predicting big changes for credit scores in 2017. There are still the same three big players (Equifax, TransUnion, and Experian), but the way they do business is changing over time.

Smarter consumers...

For one, consumers are getting smarter and reporting fraud and...
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Anatomy of Your Credit Score
For a number that can affect so many parts of our lives, most people know very little about how a credit score is calculated. More than 90% of businesses use the FICO system to make lending decisions. FICO (the company) does not actually calculate each credit score. They sell the software that calculates them to the “big three” credit reporting companies (Experian, TransUnion, and Equifax). Each credit...
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