
The Facts Behind your Credit Score
By Julie Macc, Certified Credit and Identity Theft SpecialistWhat is Fico?FICO is an acronym for the Fair Isaac Corporation the creators of the FICO score.The FICO scoring system is used in the United States for extending or offering credit, employment credit checks, landlords, and in States that legally allow it, insurance rates.How is a score made? The FICO score is computer generated using mathematical models. The score takes into account various factors in five different areas to determine credit risk: payment history, current level of indebtness, types of credit used, lenght of credit history, and new credit.People that have a FICO score will range between 300-850.Not everyone has a Credit Score. In order to have a credit score, your credit file has to meet certain minimum standards. Failure to meet…