Credit report - Free online credit report - Online credit report - Credit report repair - Free credit report - Credit bureau report - Consumer credit report
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To better understand the issues relating to your legal situation or problem, our legal information and other law related facts may be of interest to you
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Credit scoring models and Credit scores
Credit scoring models have been used by creditors for over 30 years. Credit scoring is a technology used by lenders to evaluate the credit risk when they lend money to a Consumer. Credit risk is measured by means of a score, which calculates a numeric value of creditworthiness of a Consumer, a creditor want to see. Credit score model is trying to predict, whether the Consumer is able to repay credit in future.
The Fair Isaac Company is the developer of the credit scoring models for the Credit Reporting agencies. This company has developed several slightly different Credit score models for each Credit bureau: Experian - FICO, Trans Union - Emperica, Equifax - Beacon.
The most popular model which is used by majority of creditors is FICO Score. The FICO score predicts the financial behavior of the Consumer for the next 90 days. The FICO score represents numerical value between 300 and 850. A higher Credit score means more chances to obtain credit with a lower APR.
There are a lot of models of credit scoring methods currently utilized, including: credit scoring, Consumer scoring, behavioral scoring and others.
There are also other Credit score models, which are adjusted to the industries where they are applied.
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Return to all Credit Report legal information
Legal Articles about Credit Report
Credit Report Frequently Asked Questions
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Credit report correction techniques
Many times the credit bureau is busy and does not handle your dispute properly ...
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Basic rights under The Fair Credit Reporting Act
All Federal Laws are in consumer's favor and you will have the advantage ...
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Credit Scoring and the Lending Industry
Credit scoring is crucial to your ability to get a loan. When you apply for a mortgage, your lender ...
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Mel Watt: Whether GSEs Should Use Alternative Credit Scoring ...
Mortgageorb
Whether government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac should pave the way for the use of alternative credit scoring models in the ...
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FHFA to seek public input on alternative GSE credit score model
American Banker
Speaking to a conference sponsored by the Mortgage Bankers Association in Denver on Monday, Watt said the agency is looking at whether his agency should compel Fannie and Freddie to change their credit score model — including “possibilities that ...
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