FICO Score

How do you determine your FICO score?

How do you determine your FICO score?

You can order a copy of your credit report and Fico/Beacon score directly from a the credit bureas websites.

How do you determine your FICO score?

YOU don't determine your FICO Score, it is a propriatary mathematical formula developed by the FairIsaac Co.

Here is a website with information about FICO scores, http://www.myfico.com/Default.aspx

I got my credit report from Equifax, and they did not have it on there. I looked all over for it.

Probably another thing they charge for.

If you want to know the formula used to determine ones credit score..........the exact methodology used isn't public/published info. It's a proprietary methodology based on calculating several different criterions.

I got my credit report from Equifax, and they did not have it on there. I looked all over for it.

Probably another thing they charge for.


Yes they do charge for it. I for one think that it should be included ANYTIME you order your credit report, and especially when you get your annual free one. They are supposed to let you know EVERYTHING that's on your credit report, and your score is the very first thing that creditors look at. I absolutely think that it should be included.

Keep in mind that your credit report can reflect all R1's and I1's and you still only have a median credit score!

Yes they do charge for it.
they charge for it??? That absolutely does not seem right at all. I thought that I had gotten one a few years back that had it included, will have to dig it up - all I recall is that it was very high - like 700 :eek:

they charge for it??? That absolutely does not seem right at all. I thought that I had gotten one a few years back that had it included, will have to dig it up - all I recall is that it was very high - like 700 :eek:


Yuppers. What a lot of people forget is that the credit bureaus are a BUSINESS. That means they are looking out for #1, and how to make a quick $1.00.....

Your credit report and your credit score are technically two different things. The credit score looks at what is reported on your credit report and based on the formula assigns a number that indicates your risk as a borrower. The lower the number, the greater the risk you are, the higher the number, the better risk you are.

You can get your credit report free, but you probably have to pay to see your score (technically its not part of your credit report).

Also realize, the FICO score is only the most well known of the "risk scoring" methodoligies, there are dozens of different types of scores that lenders have access too.

Then how can they give a "score" of someone if the person can't dispute it, or see what the company is using to determine the score?

That's pretty sneaky if you ask me.

Then how can they give a "score" of someone if the person can't dispute it, or see what the company is using to determine the score?

That's pretty sneaky if you ask me.

They are using the information contained on the credit report, and you do have access to what is on your credit report and can dispute it.

(Acutally, there has been quite a bit of litigation over the issue your raise, how do you dispute the "credit score", but most courts hold in favor of the scoring system)

There is a bit of economic self regulation here, if the scores didn't accurately predict risk, they wouldn't be used. The banks and other lenders PAY for those scores too, lenders do not get free credit reports, so there is some self regulating when it comes to the scores, remember, banks WANT to lend money becuase that is how they make money.

However, if no one really knows what's going on, then could we all just be getting ripped off by the credit bureaus? I mean they could pull a number out of a hat, and that's what you get saddled with! I understand that there are some sort of guidelines that they follow, but think about it. They are making a LOT of money every single day when someone pulls a credit score. They can make or break you AND the lender.... that's an interesting concept when you think about it. And they STILL make a dollar, NO MATTER WHAT.

Scary. How do I start a business like that?! :)

What irks is that whatever the Creditor says is put into the report, no questions asked. I have had trouble with double reporting. Isn't there a new law that requires the Creditor to notify you in writing that they are about to post negative info. to the CRA?

Yeah, here is some info on the new FACTA act (Fair and Accurate Credit Transactions Act)
http://www.privacyrights.org/fs/fs6a-facta.htm

Just focus on ensuring that all your accounts reflect an R1 or I1. This is easily accomplished by paying your credit bills in a timely fashion. The following things affects ones credit score: debt to income ratio, numerous credit inqueries, length of credit history, education level*, maturity level of each credit account, et cetera.

If a individual's credit status represents to much of a mininal or excessiveness, of the above credit scoring factors. They'll still be able to qualify for low interest rates and such, by simply maintaining all R1's or I1's for each of thier credit accounts! If all your tradelines reflect R1 or I1.........you have GOOD credit! So don't lose to much sleep over not having a 800 credit score! There's more to life than having a super, super high credit score. :)

BTW - The average credit score is currently 678

Good Luck!

Watch out for Transunion when you are trying to get them to remove negative and FALSE information from your report. They are uncooperative, do not abide by the guidelines set in the FCRA, and are generally a complete nuisance. They also blatantly lie to people too, as I have proof of, currently in my little paws.

Thanks for the link HHM

And Todd, thanks for your info too. I still think it's a little sneaky how they do all of that!