![]() Since the information in your report can change over time, your FICO® Score may also change.Ģ. So your FICO® Score can vary if the information they have on file for you is different. Your credit report information can vary from agency to agency because some lenders report your credit history to only one or two of the agencies. Your FICO® Score is based on the information in your credit report at the time it is requested. There are three different major credit reporting agencies - the Experian® credit bureau, TransUnion® and Equifax® - that maintain a record of your credit history known as your credit report. A lower FICO® Score indicates to lenders that you may be a higher credit risk. Higher scores represent a greater likelihood that you’ll pay back your debts so you are viewed as being a lower credit risk to lenders. Industry-specific FICO® Scores range from 250-900. Base FICO® Scores (including the FICO® Score 8) range from 300 to 850. The statements that “90% of top lenders use FICO® Scores” and “FICO® Scores are used in 90% of credit decisions” are based on a third-party study of all versions of FICO® Scores sold to lenders, including but not limited to scores based on FICO® Score 8. Just remember that your credit rating is often the same even if the number is not.įor some consumers, however, the credit rating of FICO® Score 8 (or other FICO® Score) could vary from the score used by your lender. ![]() Your lender or insurer may use a different FICO® Score than FICO® Score 8 or such other base or industry-specific FICO® Score, or another type of credit score altogether. There are many different credit scoring models that can give a different assessment of your credit rating and relative risk (risk of default) for the same credit report. The other FICO® Scores made available are calculated from versions of the base and industry-specific FICO® Score models. In addition to the FICO® Score 8, ECS may offer and provide other base or industry-specific FICO® Scores (such as FICO® Auto Scores and FICO® Bankcard Scores). Many but not all lenders use FICO® Score 8. The FICO® Score provided by, Inc., also referred to as Experian Consumer Services (“ECS”) is based on FICO® Score 8, unless otherwise noted. FICO® Scores are developed by Fair Isaac Corporation. ![]() Retirees are uniquely vulnerable to identity theft and fraud, so checking your credit reports often to spot suspicious activity can help you protect your credit score.ġ. Retirement – It’s important to try to minimize your debt before you retire since your regular income will likely decrease. Opening a Business – If you take out a loan to launch or maintain your business, you also take on risk if you fail to repay the loan on time, which can have a negative effect on your credit score.ĭivorce – When you part ways with your spouse, if you’re connected financially on credit card accounts and loans, it can affect your credit score if one or both of you fails to continue making payments on time. You will continue to receive separate credit reports, but if you miss payments on joint credit accounts or loans, it will impact both of your credit scores. Getting Married – When you get married, your credit behavior impacts your spouse’s credit score and vice versa. Still, it will likely recover quickly, especially if you consistently pay your new mortgage and other debts on time. The inquiry can decrease your score in the months following your approval. Home Purchase – When you apply for or borrow money to purchase a home, a hard inquiry goes on your credit report. Several life events can impact your credit score.
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