Topic

FICO Scores & Credit Reports

FICO Scores & Credit Reports, Personal Finance

Is Your Credit History Related to Your Age?

When is the best time to start establishing a healthy credit history?

Although your length of credit history accounts for 15% of a FICO® Score, your payment history accounts for 35% of that score. That means even if you might have had credit for a long time, it doesn’t help you if it’s not a good credit history, which is why credit monitoring and awareness are crucial from the first day you begin to build your credit.

Continue reading

FICO Scores & Credit Reports

The Traits of the 800 FICO® Credit Score Holder

When it comes to the FICO® Score 8, the most widely used credit score in the country, a score of 800 (or higher) signifies excellence.

In FICO terms, a score of 800 or above is “Exceptional” and way above the national average. Borrowers in this range will most likely not have a problem getting credit. Why? Based on history, only about one percent of 800+ credit score holders are likely to become delinquent. Low risk means easier lending.

Continue reading

FICO Scores & Credit Reports, Identity Theft

The Fair Credit Reporting Act and Credit Reporting Agencies

The Fair Credit Reporting Act (FCRA) is a complex piece of legislation designed to promote the accuracy, fairness, and privacy of consumer information contained within the files of credit reporting agencies. You can see the FCRA on the Federal Trade Commission’s website, however, there are a lot of terms, definitions, and rules that can confuse those of us who are not experts in the field.

So let’s make the Fair Credit Reporting Act a little bit easier to understand…

Continue reading