What Is a FICO Credit Score?

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When you apply for a loan or credit card, the creditor you submit the application to will want to check your credit history first. This is to ensure you are not a “risk,” which essentially means they want to ensure you will make payments on time. As such, they will likely see your FICO credit score. If you’re unsure what this is or how it’s calculated, you’ll want to keep reading. The following blog explores what you should know about these matters and how a Los Angeles, California credit report lawyer can help if you notice an error with your report.

What Is My FICO Credit Score?

FICO is an acronym for the data analytic company Fair Isaac Corporation and is used synonymously with the method for determining credit scores developed by the company. Their credit system is one of the most widely used, producing a numerical core to measure consumer risks. Their scores range from 300 to 850, based on the information plugged into the formula. The three major credit reporting agencies use these credit scores, as do the large majority of consumers and creditors.

It’s important to note that while the specific formula used to determine credit scores itself is not available to the public, the company has explained the different factors that determine the score and how much each factor impacts the score. The factors and how much of your credit score they make up are as follows:

  • Payment history – 35%
  • Amount owed – 30%
  • Length of credit history – 15%
  • Credit use – 10%
  • New lines of credit -10%

It’s important to understand that your credit score will reflect both the good and bad elements of your credit. If you have a pristine payment history but have only had a line of credit for two years, your score will not be as high as someone with the same payment history who has had their line of credit for ten years.

What Should I Do if My Score Is Wrong?

If your credit score is incorrect, the first thing you should do is file a dispute with one of the three credit reporting agencies (TransUnion, Equifax, Experian) to have the incorrect information remedied or removed from your report. After filing the dispute, the agency must respond within thirty days.

In some instances, your dispute may be denied or ignored, despite providing sufficient evidence that the information is incorrect. If this happens, connecting with an experienced attorney is critical.

At Los Angeles Legal Solutions, our firm understands how devastating it can be to find that the information on your credit report is incorrect. Not only can this impact your ability to take out loans, but you may be unable to secure a mortgage. As such, our firm is ready to fight for you. When you need help taking back your credit score after it’s been impacted by errors, our team can help. Connect with us today to learn how we can assist you in these matters.

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