All About FICO (con’t) There are about 100 different ways to compute a credit score. As we have discussed FICO is the main source lenders use to derive a credit score. FICO has 49 different algorithms that are split across different…
All About FICO Back in the 1960’s, a company called Fair Isaac devised a unique system to determine the creditworthiness of people who apply for loans. Through a complicated mathematical computation, they were able to study a person’s credit history…
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The difference between identity theft and identity errors A popular credit topic these days is identity theft, and it is definitely a problem. Many people suffer when their personal information is stolen and credit is opened in their name. What so…
Credit Inquiries The final part is inquiries. That’s a list of everyone who asked to see your credit report. Any time anyone gets into the report, it’ll post an inquiry. That means if you try to apply for a credit card,…
Public Records The next section is the part you want to be blank. The public records section is never a good story. If you have a public record on there, you’ve had a problem that has required litigation. It doesn’t…
Collection Accounts Collection accounts are accounts that are seriously past due and have been transferred to an attorney, collection agency or creditor’s internal collection agency. As your debt is transferred between different agencies, you may see several records on your…
Details Credit Information Most credit reports also give you more in-depth information about specific accounts. This is also an important part of the credit report you’ll want to review for accuracy. The following information may be reported for your account…
Credit Account Categories Credit accounts are divided into five categories: real estate, installment, revolving, collection and other. Here is a better description of each category: Real Estate: First and second mortgage loans on your home. Installment: Accounts comprised of fixed…
Intro to Credit History The next section is your credit history. Sometimes, the individual accounts are called trade lines. Each account will include the name of the creditor and the account number, which may be scrambled for security purposes. You…
