Important Facts About Consumer Credit Score Disclosure Act Free

Financial information concerning you are gathered up from the application you filled out to try to get credit and various sources. Data includes your history in paying your bills, the number and types of accounts you have, payments paid late, collection actions, debt outstanding, how old your accounts are, and additional facts. Using the Fair Isaac statistical deal or framework, lenders compare this info to the credit activities of consumers with similar profiles and give points for each factor that helps them to forecast who has the most potential to repay the debt. From this we get the term "FICO Score" which stands for a credit score resulting from the Fair Isaac Company (FICO) model.

Credit information is viewed according to its type and its history. The sooner the specific facts, the more weighty the affect. For instance, an older 90 day late can perhaps be less weighted than a 30 day late that occurred much more recently. The data type also has an effect: past payment performance (most significant weight-35%), credit utilization (next weightiest-30%), length of credit history (third heaviest-15%), types of credit in use (least significant-10%) and number of new credit queries (equally least significant-10%).

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