Your credit report is a compilation of credit accounts from past to present.   Your report records almost all financial obligations from Mortgage loans to Utilities.  Your credit report will also record name, addresses you have ever lived at and employment history.  A consumer will also see some form of public records.  Recently, the 3 Bureaus removed the recordings of Tax Liens and Civil Judgments; however, those items still remain in public records.  Bankruptcies remain being reported.

Let’s breakdown the FICO® scoring models

There is a vast array of credit scores out there for a creditor to use when determine your credit worthiness.  Most Commonly used is the FICO®.

Lenders have been using the FICO® scores, created by Fair Isaac Corporation, in 1989, and the scoring models gone through many changes during its inception. These scoring models have many variations to them and they offer specific scoring algorithms for different types of industry.

Below is the most commonly used FICO® Models

FICO® 9 This is the newest version and has not yet caught traction.

FICO® 8 Commonly used for Auto and bankcard lending

FICO® 5 Used by the Mortgage industry and is constructed by Equifax data

FICO® 4 Used by the Mortgage industry and is constructed by Transunion data

FICO® 2 Used by the Mortgage industry and is constructed by Experian data

When checking your credit scores keep in mind that if you are checking it from your bank you could be viewing a FICO® score that can be much different then what a mortgage or Auto lender will pull.

Base FICO® scores range from 300 to 850 and are made up of the following factors:

·       Payment history: 35%

·       Amounts owed: 30%

·       Length of credit history: 15%

·       New credit: 10%

·       Credit mix: 10%

You can read more about FICO® scores at

If your FICO® is not up to par, give us a call 855-598-0446 or schedule a free credit repair consultation