Credit Score’s actually name is FICO score, it was the first credit scoring system for American investment, that invented by a company named FICO in the year of 1958 . In the year of 1976, it has reached over 500,000th credit data. Currently the top three major national credit bureaus: Experian, Equifax, and TransUnion collect customer’s data from financial institute or other company, and because a consumer’s credit file may contain different information at each of the bureaus, FICO scores can vary depending on which bureau provides the information to FICO to generate the score. Because the calculation of FICO score, if you never have any credit history, you won’t be getting a good credit score when you just started building you credit.
What is Credit Score?
What is Credit Score? According to Bankrate.com, “credit score can mean the difference between being denied or approved for credit and a low or high interest rate.” Basically, it’s a score for company or agency to know if you are a person who has good record on pay back anything you owe. So they can issue an appropriate amount/interest of the loan, or credit card, without risking their business. In other hand, people will be able to get a loan, or credit card without paying a deposit, if you have a good payback record.
Question to be find out
- What is Credit Score? Answered
- What is the history and concept of Credit Score?
- How does the agency calculate your credit score?
- How important is the credit score?
- How to repair credit score?
- Does government have any regulation on that?
- Why credit card company can give you pre-approval on credit card or loan without your permission to lookup your credit?
- Who and eligible to get a Credit Score?
- Why credit score going up and down without any change in the credit history?
- Why credit score drop even when you pay all your bill, and no any other record been add into your credit?
- Does credit score calculation change over time?
- Does Social Security Admission have all your credit file?
- What are the consequence of having bad credit score?
- Is there a default credit?(When you don’t have any credit entry yet.)
- In what age people can start getting their credit score?
- How can we lookup credit information?
- Is there anyway to dispute wrong credit information?
- What should people do when their SSN got steal and been use to apply credit card or loan?
- Any physical office can help people solve credit problem? (For people who doesn’t have internet, or don’t like to use internet)
- Does foreign credit affect the US credit score?
- What are the factor of credit score?
- What are the portion of factor that impact credit score?
- What’s the credit score calculation?
Introduction
Hi！ My name is Clark, most people know me as a computer programmer, good at computer, website etc…, but actually I am good at financial too. Currently I am starting a research on how credit score work, because I have seeing the credit score of my family member going up and down without a legit reason. Credit score is important to all American through out their life, a accident on your credit score can impact your finance, consequence can be can’t get a loan or credit card, that will be big trouble if you need money for emergency purpose. So I am trying to find out all the factor of Credit Score, and possible calculation. Understand it in order to better prevent getting a bad credit score. This blog will be the place I post all the log of my research.