Washington DC Debt Credit Lawyers

Your Credit Card Companies and Fair Isaac Partner to Inform Consumers About Ways to Manage Their Credit Scores

WASHINGTON, March 21 Your Credit Card Companies and Fair Isaac Corporation  pioneer of the FICO® credit scores used by most lenders to evaluate consumer credit risk, have teamed up to offer consumers valuable information on how to understand and avoid making mistakes with their credit scores.
Credit scores are one of the leading factors creditors use in making lending decisions. FICO credit scores range from 300 to 850 and are calculated from a host of criteria from consumer credit reports that can be broken down into five categories: a consumer's payment history, amounts owed, length of credit history, new credit applied for or taken out, and types of credit used.

The Federal Reserve reports in a Summer 2004 study that nearly 74 percent of Americans have credit scores of 661 or above. Such a score, according to the study, indicates that the majority of consumers are low credit risks and are likely to be eligible for lower interest rates on loans, credit cards and mortgages.

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