Posts tagged: Blog

What is a FICO Score? FICO stands for Fair Isaac Corporation. Fair Isaac Corporation was one of the first companies to develop a method for calculating consumer credit scores based on information collected by credit reporting agencies.

The FICO score is a numerical representation of your creditworthiness. While there are other credit scoring models available, such as VantageScore, the FICO score is considered the most widely known. It’s used by many major banks and lenders to evaluate a borrower’s credit risk when making lending decisions.

It’s no secret that identity theft has been an issue for consumers. However, there is a solution that can help detect issues early on which is credit monitoring. With a credit monitoring service you can track your accounts and receive alerts to any changes or suspicious activity on your credit report, giving you time to start the process of undoing any damage that’s been done.

Your credit history can have an impact on your ability to make big financial decisions, like purchasing a home or buying a new car. If your credit report has any negative information on it, your credit score will drop and you could be denied for many things.