Your credit score affects whether you can get a loan — and how much you’ll have to pay to borrow money. People with low credit scores often have to pay more. So when a company says they’ll help you pay your way to a higher credit score, you might be tempted to listen. But don’t […]
Category Archives: Credit Scores
The FICO score, one of the most widely used credit scores in America, is about to go through some major revisions. WSJ’s AnnaMaria Andriotis explains what the changes are and why the current scores may be out of whack. https://www.wsj.com/podcasts/the-journal/why-your-credit-score-could-drop/06a9c0ec-bc97-4e94-8781-d6c6a1783a25
https://www.wsj.com/articles/fico-changes-could-lower-your-credit-score-11579780800 Changes in how the most widely used credit score in the U.S. is calculated will likely make it harder for many Americans to get loans. Fair Isaac Corp., FICO -1.39% creator of FICO scores, will soon start scoring consumers with rising debt levels and those who fall behind on loan payments more harshly. It will also flag certain […]
https://www.cnbc.com/select/average-fico-score-hits-record-high-703/ Key Findings The average FICO score in the U.S. hit a record high of 703 in 2019 Minnesota residents have the highest average credit score for the eighth consecutive year at 731 Mississippi residents have the lowest average credit score at 667 59% of Americans have a FICO score of 700 or higher — […]
Monitoring your credit report is a smart and simple way to be proactive about your finances. Checking your credit report regularly can help you spot fraud early and ensure the correct information is reported to the credit bureaus. https://www.cnbc.com/select/how-to-get-free-credit-report/
Not much has changed over the years in terms of consumers’ challenges in obtaining the same credit score that lenders obtain. Here’s an article from 2017 in Forbes highlighting the issue: https://www.forbes.com/sites/robertberger/2017/01/06/which-credit-score-do-lenders-actually-use/#25a206b30b15 Fair Isaac, for example, will sell you access to your FICO scores through its site myfico.com. In fact, it will give you access to […]
When a criminal steals your identity, he or she can also steal your good credit score. https://blog.myfico.com/identity-theft-affects-fico-scores/
The Trump administration imposed sweeping changes to U.S. immigration policy this week, including letting the government—apparently for the first time—weigh prospective immigrants’ credit history when deciding who gets to come to the U.S. and who gets to stay. https://www.wsj.com/articles/new-trump-administration-rule-will-look-at-immigrants-credit-histories-11565973971
https://blog.myfico.com/credit-actions-affect-fico-scores/ The way you manage your finances and use credit (both positively and negatively) can impact your FICO® Scores. But how your FICO Scores change can vary widely depending on your credit profile and how you have used and managed your credit previously.
https://www.cnbc.com/2019/09/01/many-minorities-avoid-seeking-credit-due-to-decades-of-discrimination.html There is longstanding debate over whether the algorithms that drive the credit scoring system are racially biased. Joanne Gaskin, vice president of scores and analytics at credit-scoring company FICO, says the firm doesn’t use age, address, employment, income, gender or race in generating their scores. “The fact that race is not factored into the […]