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Wondering, just what are FICO® scores and where they came from?
FICO® scores are the credit scores most lenders use to determine your credit risk. You have three scores, one for each of the three credit bureaus:
  • Experian, www.experian.com
  • TransUnion, www.transunion.com
  •   Equifax, www.equifax.com
The concept was created by a California-based company, Fair Isaac and Company.
How do you benefit from credit scoring? 
  1. Allows for speedy, objective analysis of credit histories. Scores are objective because they are based on large volumes of verified statistical data.
  2. Credit scoring brings a new level of fairness to the credit granting process. With credit scoring, lending decisions are likely to be more objective, faster and less costly than traditional ‘judgmental’ decisions.
  3. Additional benefits include “greater consistency in lending decisions.”

For more details contact www.myfico.com