How do you determine your FICO score?
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You can order a copy of your credit report and Fico/Beacon score directly from a the credit bureas websites.Originally posted by cloudshipThe information provided is not, and should not be considered legal advice. All information provided is only informational and should be verified by a law practioner whenever possible. When confronted with legal issues contact an experienced attorney in your state who specializes in the area of law most directly called into question by your particular situation. -
YOU don't determine your FICO Score, it is a propriatary mathematical formula developed by the FairIsaac Co.Originally posted by cloudship
Here is a website with information about FICO scores, http://www.myfico.com/Default.aspxComment
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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.Comment
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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.The information provided is not, and should not be considered legal advice. All information provided is only informational and should be verified by a law practioner whenever possible. When confronted with legal issues contact an experienced attorney in your state who specializes in the area of law most directly called into question by your particular situation.Comment
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Originally posted by cloudship
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.BUSY running my own credit repair services! Sorry I don't stop in so often any more!Comment
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Keep in mind that your credit report can reflect all R1's and I1's and you still only have a median credit score!The information provided is not, and should not be considered legal advice. All information provided is only informational and should be verified by a law practioner whenever possible. When confronted with legal issues contact an experienced attorney in your state who specializes in the area of law most directly called into question by your particular situation.Comment
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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 700Originally posted by tinroofrusted
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Originally posted by 3131tjthey 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
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.....BUSY running my own credit repair services! Sorry I don't stop in so often any more!Comment
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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.Comment
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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.BUSY running my own credit repair services! Sorry I don't stop in so often any more!Comment
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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.Originally posted by tinroofrusted
(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.Comment
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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?!
BUSY running my own credit repair services! Sorry I don't stop in so often any more!Comment
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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?"You once asked me for advice. You want some now? Never pass up a good thing." Lieutenant Jean Rasczak, Starship Troopers
Join the Mobile Infantry and save the world. Service guarantees citizenship.Comment
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Yeah, here is some info on the new FACTA act (Fair and Accurate Credit Transactions Act)
Last edited by HHM; 05-20-2005, 11:56 AM.Comment
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