Fico ScoreA fico score is a credit score. It is a calculation of your credit profile and is used to determine the level of risk a lender is facing when loaning you money. It was developed by the Fair Isaac Company and is used today by the three main credit reporting bureaus. While each bureau uses the same basic calculation, you will usually have three different scores. This is because each bureau independently gathers and holds information relating to your credit report. Small changes in that information can affect your score. There are three bureaus to ensure accuracy of information. Most mortgage lenders use the middle of your three scores as the qualifying score. This is why it is important to view all three of your reports before getting a home loan. You might think your score is higher or lower than the one they will use in your qualification. While you can get a copy of your credit report for free from the bureaus, they will charge you for your score. You can click the links below to contact the bureaus.
Click for your fico score from Equifax.
|
