Are there different types of credit score?

  3 Credit Reporting Agencies. Samira: Yes, there are different types of credit reports, and people tend to … It causes confusion because they think that if they have one score it’s the same in every category. It’s like, again, going back to the Ford dealership, they have trucks, they have vans, and they have…

Why is FICO’s formula Secret?

Josh: Why is FICO’s formula a secret? Samira: It’s decided by the court system that it would be kept secret. As much as you have Coca Cola having a secret formula for their soda, Pepsi does exist. That’s where I kind of like to compare my services to. I don’t necessarily know the exact formula,…

How many credit bureaus are there ?

Samira: There are three credit bureaus: Equifax, Experian, and Transunion. Those are the three that handle the collection of credit data about you. They’re competitors. It’s like saying Toyota, Ford, and Chevrolet. Josh: What differentiates them? Samira: Size. Josh: Oh, really? Samira: That’s all. Their difference in size, and different systems in how to collect…

Affects of Balances on FICO

Josh: What is the effect of balances? Samira: Balances is another part of what is included in your credit score. Obviously, if you’re maxed out on your credit cards, it’s going to hurt your score. Why? You have borrowed too much money. They question whether or not you’re a good risk or you’re a high…

Different Types of Fico Scores?

Different Types of Fico Scores?

  Josh:                        Are there different types of Fico scores? Samira:                  Yes, because again we’re going to the same situation. If you’re going to apply for a credit card, the credit report is simpler so it’s going to give a different type of score than if you go apply for a home loan at a bank…

What is Fico? What does it stand for?

What is Fico? What does it stand for?

  Josh:                        What is FICO and who controls it? Samira:                  Equifax, Experian and TransUnion handle the collection of the data, but FICO is the Fair Isaac Company. They have the formula sort of like the recipe if you will for Coca Cola and it’s patented and it’s secret business information that no one has access…

Are there different types of Credit Scores?

Are there different types of Credit Scores?

  Josh:                        Different types of credit reports. Samira:                  Yes, there are different types of credit reports, and people tend to … It causes confusion because they think that if they have one score it’s the same in every category. It’s like, again, going back to the Ford dealership, they have trucks, they have vans, and…

Can I pull my own credit?

Can I pull my own credit?

  Josh:                        Can I pull my own credit and does that hurt my score? Samira:                  Yes. You can pull your own credit as many times as you want. By law you’re entitled to one free credit report per year. You can do that by calling 1-877-322-8228. That’s the Under the Fact Act. If you Google…

Do credit bureaus share information?

Do credit bureaus share information?

  Josh:                        Do credit bureaus share information on your credit? Samira:                  No, they do not share information with each other unless there’s an allegation of fraud. That’s the only exception. Then they technically have an obligation to share information and report to each other…

What is the difference between the three Credit Reporting Bureaus?

What are the main differences between the credit bureaus?     Samira:                  There are three credit bureaus: Equifax, Experian, and Transunion. Those are the three that handle the collection of credit data about you. They’re competitors. It’s like saying Toyota, Ford, and Chevrolet. Josh:                        What differentiates them? Samira:                  Size. Josh:                        Oh, really? Samira:                  That’s all.…