Credit Score Archive for 2010

• FICO reveals 8 scores used as standards by lenders in risk assessment

  by Brian Anderson
  

  FICO announced that this year’s records revealed that the improved FICO 8 Score is now becoming the standard of several lenders for credit risk assessment. Today there are 2,500 financial institutions and banks adopting the use of Fair Isaac’s FICO 8 Score. According to FICO this widespread use of their credit scoring system in the market is a proof that their scores are beneficial tool for lenders. FICO 8 Score is the enhanced version of the original FICO scores. The … (more) December 10, 2010

• Mortgage lenders get their own type of scoring system

  by Brian Anderson
  

  FICO pioneered another type of credit score that is designed primarily for mortgage lenders. This new credit score product is called FICO 8 Mortgage Score. Mortgage lenders are also given the chance to have access to this new FICO service since FICO 8 Mortgage Score is now set available from any of the three major credit reporting agency-Equifax, Experian and TransUnion. FICO 8 Mortgage Score has major differences with the FICO 8 Score however there are a lot of similarities … (more) December 8, 2010

• 2010 report reveals more Americans with low credit scores

  by Brian Anderson
  

  The Fair Isaac Credit Organization released a 2010 report revealing a 25.5 percent of the American consumer population carry low credit scores. This percentage equating to around 43.4 million consumers have credit scores of 599 and below. With the FICO scoring system these types of scores are poor enough to make people’s application for credit be denied. The reason why more people scored poorly this year is attributed to the confluence of factors. Nonetheless one of the major contributors for … (more) December 6, 2010

• Viruses and malwares used to steal huge amount of identifying information

  by Brian Anderson
  

  In the information age, as the name implies, all it takes is some information to process almost any kind of transaction. This is true even if the transaction is a crime. According to the Federal Trade Commissioner since 2005 cases of information breach have gone up to 540 million in count. This is a huge and dangerous type of incident threatening a lot of individuals. According to records 72 percent of these incidents are breaches resulting from a computer or … (more) December 4, 2010

• The new credit score tool rating 26,000 companies

  by Brian Anderson
  

  The newest credit scoring tool is now released by Standards &Poor’s Valuations and Risk Strategies. The innovation is called credit health panel that is particularly designed to allow consumers view and compare profiles of different companies around the world. What makes this credit health panel interesting is the huge number of companies they have on board rated. Using this credit score tool one can take a look at the profiles of 26,000 companies all over the world. Aside from the … (more) December 2, 2010

• Fixing a credit score

  by Sally Maison

  When you feel like all the opportunities for you to improve your lifestyle like having a new house and a car, going to Universities and would like to apply for a credit card was being declined due to a low credit score, isn’t it time to fix your credit score? One of the reasons why a credit score is important in purchasing and running it under lenders is that they based it on how credible you are to make payments. … (more) December 1, 2010

• Will the house consider changing rules on credit score and report utilization

  by Brian Anderson
  

  Today more and more companies are taking a look at credit scores and credit reports in assessing people. This is not just within the industry of credit and insurance, now even establishments not related to credit is making use of credit checks as part of their assessment process. The most seemingly questionable use of credit checks is in the employment of different companies. There is a growing number of employers who are running credit checks to their applicants and employees … (more) November 30, 2010

• Why we need to take care of our credit scores

  by Sally Maison

  It’s no longer surprising to hear someone complain of not being able to pay the bills. If you are one of them, then you are not alone. More than 30 million people in The United States suffer form bad credit scores. This makes life more difficult because people with poor credit blemishes have more difficulty in applying for a loan, getting a car and even in applying for a job! In some cases, your credit score is just right, but … (more) November 28, 2010

• Data breaches reached shocking figure

  by Brian Anderson
  

  According to the Federal Trade Commissioner since 2005 America’s cases of data breaches has now reached a very serious and shocking statistical figure. Today there is more than 540 million data breach cases damaging businesses and consumers all over the nation. A bulk of 72 percent of this reported total number of incidents which is 393 out of 540 involved cases caused by a breach upshot by virus computer or malware. The actual cost of these data breaches remains unknown … (more) November 28, 2010

• Low credit score literacy for Americans

  by Brian Anderson
  

  According to the two separate surveys conducted recently both parents and students are now facing insufficient knowledge about credit scoring. A study done for the Personal Financial Literacy revealed that among the total number of surveyed high school seniors more than half are not familiar with the three major credit reporting agencies- Experian, Trans Union and Equifax. Also the same number represents the population who are not aware that it is a consumers’ right to get a free copy from … (more) November 26, 2010