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Credit Scores and Credit Score Topics

 

What are Credit Scores?

Your score is a number that statistically measures the probably that you will default in the future on a loan obligation. In other words, scores are tools lenders use to measure the risk of a loan to a lender.

Scores are based on the credit history and payment habits as reported in your credit report. Generally a good score predicts you are less risky and therefore more likely to repay your loan as agreed. Consumers with good scores are usually offered better credit terms, such as lower interest rates on credit card balances and loans.

Here are some credit score topics to help you understand scores that are used to approve loans and to set the terms and interest rate of your loan. They are used for home and auto loans, apartment rentals, and insurance. Scores are not allowed to be used in employment decisions.

Credit Score Topics:

  • Credit Scoring Models Explained - We have six initial suggestions on how to begin working toward a better score, such as disputing inaccurate information, paying off collections and paying down loan balances. Also includes a "What else can I do?" section.
  • FAQs about Credit Report Scores - To-the-point answers to frequently asked questions on Credit Report Scores.
  • Scores - Are they all the same? - Are they all the same? - No, they are not. The "recipes" for Scores are proprietary, like the recipes for your favorite cola products. Sometimes, given the variety of scores that are available to you on the web, it may be better to just pay attention to why your score is lower, and take steps to raise it.
  • What is a Fico Score? - A product of the Fair Isaac Company, the FICO score is one of the best known and most widely used scores in the country.
  • FICO Mortgage Score - Corelogic and Fair Isaac have partnered to create a FICO score based on the CoreScore credit report
  • What is a Vantage Score? - This score was developed by the 3 national credit reporting agencies and offers scoring for consumers and businesses that use the same calculation models spanning the three companies.
  • What are Mortgage Credit Scores? - A good score will have a large impact on your monthly mortgage payment, so knowing what they are and ensuring they look as good as they can before you shop for mortgages will help in keeping your monthly charge down.
  • Authorized Users- Does this help your Score? - Does this help your Score? - Being an authorized user can help your score. But the opposite is also true. Read this section for historical and current information on authorized users.
  • Free Credit Scores with Credit Monitoring - These free scores are usually in connection with free trials for credit monitoring. Here's some more information on some of these free score offers.