FICO or FAKO?
FICO or FAKO? We’ve all seen them – the never-ending television ads and radio commercials with the catchy jingle for free credit reports and scores. Nowadays a number of similar companies are offering free credit reports and scores. With all of these ads for freebies, it’s no wonder that so many consumers believe that all credit scores are created equally. First, a little history on credit scores: A company called the Fair Isaac Corporation created the first credit score. It was made available to lenders in the very late 80s and soon thereafter began to pick up momentum and...
read moreUnderstanding Your Credit Score
You’ve just applied for a mortgage or auto loan and your lender comes back with a three-digit number that summarizes your credit worthiness and you have no clue what that number really means. What is the difference between a 540, a 670 and a 780? If you’re not familiar with credit scores then these seemingly random numbers can make it difficult to determine where you stand. And in today’s difficult economic environment, you need every point you can get. In this article we’re going to find out exactly what these numbers mean to lenders – and to you. *Range above...
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