subject: About The Fico Credit Score - Some Basics That You Should Know [print this page] When it comes to getting a handle on your finances, there is not better way to do this than learning exactly what your credit score is. There is nothing more surprising and disappointing than receiving a rejection for a loan or credit card due to possessing weak credit and not knowing the true reason.
This is why reviewing a detailed credit score report is so vital to improving your credit in the future. Or more accurately, you need to examine your FICO credit score.
Some people will read the one single report they are sent and this is not always the wisest move. The reason for that is that it is the FICO credit score that is the most important of all.
Why is the FICO credit score so important? The main reason that it is the prime credit score report that is used to place a determination on your credit worthiness. Originally developed and created by the Fair Isaac Corporation, this is the credit report that 75% of the creditors will review when making a determination on your loan.
Yes, 3 out of every 4 reviewers will look at the FICO credit score as opposed to the others. That is why when you request such a report you need to examine the FICO score so you know where you stand. While the others have value, they are not the reports that others will examine. As such, you will probably want to pay closer attention to what is present on the report as it impacts your score.
Remember, you will want to be reviewing what those in a position of authority will be seeing. This way, you can take the steps necessary to do what is needed to repair the problems that may be plaguing your credit applications.
When you do this, be sure to stay away from people claiming to be able to repair your credit in an easy manner. Some will say they can have negative information removed from a credit report. It is virtually impossible to have accurate negative reports removed from a credit report. Okay there certain tips and strategies that often work but they are neither easy nor "special": Nothing that you cannot do yourself.
That is why it is best to be leery of those that make claims of being able to do otherwise. Now, inaccurate information can be removed fairly easily (though not always) because it should not be there in the first place.
But, if the FICO credit score is so lofty, would it not be difficult to remove negative information? No and the reason is because the system is designed to reflect accurate information as reported to it. If a notation or a correction is needed, the service will comply. It is not out to "get" anyone and seeks to provide the most accurate updated information possible.
by: David Kamau
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