Term: FICO credit score
17 found

Millions With Credit Problems Can Now Get Free Credit Scores

By Steven Shaw on 4/23/2015

Millions of People With Credit Problems Will Now Have Access to Free Credit Scores

Millions of Americans working with nonprofit credit counselors will have free access to their FICO credit scores as part of a new agreement between FICO and the three major credit reporting agencies, Equifax, Experian and TransUnion. The Consumer Financial Protection Bureau announced the agreement in an April 21 blog post, saying that this change will allow counselors and their clients have more informative, productive conversations about how to improve clients’ credit standings.

credit reports
credit score
credit scores
FICO credit score
FICO Score
free credit score
managing debt

How Many FICO Scores Are There?

By Steven Shaw on 4/21/2015

How Many FICO Scores Are There?

There are hundreds of algorithms companies use to score consumers, and even the most common credit scoring company has dozens of models. Fair Isaac Corp., more commonly known as FICO, has about 50 scores (a 2012 report from the Consumer Financial Protection Bureau puts that number at 49).

credit score
FICO
FICO credit score
FICO Score

New FICO Score Factors in Utilities & How Often You Move

By Steven Shaw on 4/8/2015

New FICO Score Factors in Utilities & How Often You Move

FICO, creator of some of the most widely used credit scores in the U.S., will reportedly announce a new scoring formula designed to help high-risk consumers access credit, the Wall Street Journal reported Wednesday. The model will incorporate consumers’ payment history on things like utility, cellphone and cable bills, in addition to how often a consumer changes addresses.

alternative credit
alternative data
FICO
FICO credit score
FICO Score
Utility Bills

The Simple Chart That Can Explain Why Your Credit Score Dropped

By Steven Shaw on 1/13/2015

FICO Chart

Being late on one bill can’t hurt your credit score that much, right? Wrong! Not only can a single, small late payment slice 100 points off your credit score, it can take three years to recover from the damage.

credit score
credit scores
FICO credit score
FICO Score

Help! My Credit Score Disappeared

By Steven Shaw on 11/5/2014

Help! My Credit Score Disappeared

 Have you lived overseas for a few years? Gotten married and gotten by on your spouse’s credit accounts? Have you cut up your credit cards and just paid with cash or your debit card for a good number of years?

If this is you, your credit record may have gone “poof!” and your credit score may have disappeared. Here’s how.

credit score
FICO
FICO credit score
FICO Score
VantageScore
VantageScore 3.0
VantageScore credit score

Are Credit Scores Just a Scam?

By Steven Shaw on 10/2/2014

credit scores scam

It sounds like something straight out of the conspiracy theorist’s playbook: a secret system that enslaves average citizens who don’t even know what’s really happening.

credit score
credit scores
FICO
FICO credit score
FICO Score

How Much Will One Late Payment Hurt Your Credit Scores?

By Steven Shaw on 8/22/2014

How Much Will One Late Payment Hurt Your Credit Scores?

You open your credit card statement and discover you forgot to make last month’s payment. Or you get a call from a collection agency about a medical bill you didn’t realize hadn’t been paid. Or you check your credit reports and discover a late payment is marring your otherwise perfect payment history.

credit score
credit scores
FICO
FICO credit score
FICO Score

Why You Shouldn’t Get Too Excited About the New FICO Score… Yet

By Steven Shaw on 8/18/2014

Why You Shouldn't Get Too Excited About the New FICO Score... Yet

For consumers with collection accounts on their credit reports, FICO Score 9 — the new version of FICO scores that will be available to lenders in the fall of 2014 — can’t come fast enough.

FICO
FICO credit score
FICO Score

The New FICO Score: Better for Debtors?

By Steven Shaw on 8/10/2014

new FICO Score 9

If you’ve ever had a debt collector call you, Thursday’s announcement from credit scoring company FICO may be good news for you.

FICO just released the newest edition of its general credit scoring model, FICO Score 9. The big changes come in the area of debt collection: The score will not include paid collection accounts, and it differentiates medical collection accounts from non-medical debt.

credit score
FICO
FICO credit score
FICO Score

Why Does My Credit Score Change So Often?

By Steven Shaw on 6/2/2014

credit score changing

If you monitor your credit score, you may be like this reader — scratching your head wondering why it changes so often.

Here’s this week’s reader question:

My Discover card started providing my credit score free each month. What I don’t understand is why it was 814 one month, then 794 the next and now it is 803. Nothing has changed in my life. I didn’t open up any new credit cards, my home has been paid off since 2004 and my car was paid off in 2007. I pay all my bills each month in full and on time. So why the fluctuation in my credit score?

While I have to tip my hat to Discover for doing what’s right – providing free credit scores – seeing your credit score too often, as well as from too many sources, can create confusion.

credit scores
credit scores
FICO credit score
FICO Score