Knowledgebase On Credit Score Information Meaning

Financial information concerning you are pulled together from your application for credit and various other sources. Facts include whether you were regular with your past bill paying, the number and nature of accounts you possess, payments paid late, collection actions, debt outstanding, age of your accounts, and additional info. Resulting from the Fair Isaac statistical design or framework, lenders match these facts to the credit activities of consumers with profiles that are similar and distribute points for each detail that assists them to forecast who is most expected to pay back the debt. This results in the expression "FICO Score" which means a credit score using the Fair Isaac Corporation (FICO) model.

Credit info is looked at according to its type and how old it is. The more current the related info, the more relevant it is to the overall score. For example, something that was late by as much as 90 days a while ago may be not as much weighted as a 30 day late that happened much more recently. The data type also has an effect: how payments were handled in the past (most significant-35%), credit utilization (next most important-30%), length of credit history (third most important-15%), types of credit used (least significant-10%) and number of new credit queries (also least significant-10%).

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