Credit Scores have become very important these days because people have become reliant on credit. High scores are what anyone who wants good credit and low interest rate should aspire to have. However, there are many factors that can affect a rating. Sometimes, it is not a consumer’s fault that his or her score is low. A person who has become a victim of identity theft can have poor scores because the thief may be making huge credits in his or her name.

Nonetheless, it is important to know more about scores so that you can be one step ahead of creditors when you make loans. Scores are known by many different names at each of the reporting agencies. They are, however, popularly known as FICO ratings because all the rating are developed by Fair Isaac and Company. These credit ratings have been rigorously tested to ensure that they provide the most accurate picture of credit risk possible using report data.

There are three major reporting agencies namely Equifax, Experian, and TransUnion. These three also use the FICO score or a scoring system developed by FICO but they call ผลบอลสด it by other names. For Equifax, it is known as BEACON score. Experian calls it Experian/Fair Isaac Risk Model. Meanwhile, TransUnion calls its scoring system EMPIRICA. Nonetheless, they all follow a general rule of what rating is high and low when they read your report rating.

There is no one rating used to make decisions about you. Lenders sometime use their own ratings and not only the credit bureau scores. Their own scores may be a combination of your credit bureau score and other information about you. Also, FICO rating are not the only credit bureau rating. Some credit bureaus use different scores where a higher score may mean more risk and not less risk as with a FICO credit report rating.

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