Credit Scores 101 - US consumer finance scoring review
In the United States, your credit score is the basis of all consumer finance in determining credit-worthiness. The term credit score usually refers to your FICO score, a number based on a formula developed by the Fair Isaac Corporation. The credit score is a summary of all your credit accounts and payment history. If you’ve got a mortgage, car loan, a Visa or MasterCard, or store branded credit account, it will be included in the report, as will late or missed payments. FICO scores range from 300 to 850, and Fair Isaac calculates them for each of the three big credit-reporting agencies: Equifax, Experian and TransUnion. That’s one reason why your FICO score with each may differ slightly. Generally speaking, the higher your score, the more money you can borrow and the less you’ll pay for the loan.
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