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CONSUMER CREDIT SCORE- FICO® Score - Beacon Score |
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What is a FICO® score?FICO® Score stands for 'Fair Isaac Company Score' is a credit-score* between 300 and 850® (FICO® Scores range: 300-850®). The score, as indicated by its name, was developed by the Fair Isaac Company and is now used by creditors (lenders) to determine the credit risk of a borrower. A high score is a favourable score for consumer. It could translate into not just a quick approval of a loan but also into a lower rate. Most of the financial institutions in North America use this as a standard for benchmarking consumer risk, for granting or qualifying home loans, car loans and credit cards. Millions of lending decisions are made on a FICO® Score each year. The score is percentile based and depending upon how the rest of the country fairs, a score of 765 may be deemed as average. The higher the score the better it is for a consumer. Both Equifax and Fair, Isaac provides consumers access to their FICO® credit score. Normally a credit bureau credit report contains 'ratings' and not a 'credit-score'*. Therefore, in order to check your FICO® Score you will have to order a separate report from Equifax called 'Score Power'. The cost of an ordinary credit report is around $15 and a 'Score Power-Credit Score Report' costs about $22. Some Key Factors Influencing your FICO® Score.
* Credit Score is an indicator of the risk level that a borrower might
represent. It is a predictive score and it is used to determine the probability
of future payment performance. Equifax USA Equifax CANADA Equifax Canada Inc. Fair Isaac USA Fair Isaac CANADA The Exchange Tower |
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