Confused By Credit Scores!! HELP!!?
View your credit file based on any of the UK credit reference agencies, or all three at once
LifeLock is the only Identity Theft Prevention Solution backed by a one-million dollar guarantee!Click here to get a 10% discount.
okay i need a simple explanation. what is the difference between a credit score and a FICO score. What score is the one that a bank most likely look at if i apply for an auto loan?
And lastly, if only one score really matters, then why are we scored individually from all 3 credit bureaus?
Confused By Credit Scores!! HELP!!?A credit score is any scoring system that determines your credit worthiness. A FICO score is a kind of credit score, as determined by the Fair Issac corporation. There are three types of FICO scores, one for each credit reporting company (Experian, Equifax, and TransUnion). There are three simply because there are three companies who have managed to make a lot of money by doing credit reporting. There is no real way to know which one the bank will look at, but in most cases, all three scores should be relatively close to one another (unless one is reporting something really good or really bad that the other two aren't).
Confused By Credit Scores!! HELP!!?The credit scores are used by companies that extend credit.
Credit bureaus sell information to these companies.
If you are selling some thing you want to make sure that what you are selling has value.
So the credit bureaus collect & rate the risk of people so that companies that extend credit can get a fair idea of how credit worthy a person is.
So you go to an auto dealer & offer to by a car & give them your financial information & they will give you credit & sell you the car or maybe not.
More Related Questions and Answers ...
The loan information post by website user , we not guarantee correctness.