Any Comments on The Credit Code Ex-Credit Bureau Employee Reveals the secrect to cracking the credit code?
Answers:
Woudnt it be nice if the secret could be smuggled out, its a mathmatical formula that fluctuates in some instances affected by a persons age. Not really because of how old they are but because how long credit has been established.
I work with the CBC to fix and rescore borrowers FICO. We have a fico simulator to estimate changes to someones fico by paying down or correcting errors on someones credit report.
Here is a little summary of how they figure a FICO
Recipe for a credit score
To calculate a score, Fair Isaac uses 22 pieces of data collected from the three major credit bureaus, Equifax, Experian and TransUnion). The lowest possible score is 300, while the highest is 850.
The final number is a composite of individual ratings in five categories:
•Payment history (35% of the rating)
•Length of credit history (15%)
•New credit (10%)
•Types of credit used (10%)
•Debt (30%)
Income is not a factor. "A person can have a very high income and never pay their bills," explained Craig Watts, public affairs manager for Fair Isaac.
Fair Isaac calculates a FICO score based on the data provided by each credit bureau. It's not uncommon to see up to a 50-point differential between ratings. The reason: Bureaus collect data at different times of the month, and one bureau may have inaccurate information.
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