- Brynn Richard
- Business and Management
- Comments Off on All You Know About Credit Score
If you don’t know about the credit score then it’s worthwhile finding out. This is the most basic part of information potential creditors use when they determine whether or not you should qualify for a credit card or loan.
Moreover, though, your credit score is also used as a means to check your reliability as a potential employee when you apply for specific jobs, and for other important conditions. Therefore it’s very necessary not to know what your credit score is and you should also how to use it so that it can work to your great advantage. If you are looking for credit score repair services then you can also check out creditreboot.com.au website.
Your Credit Score – Defined
First of all, it should be noted that the most important kind of credit score is known as FICO score. “FICO” stands for “Fair Isaac Corporation.” The Fair Isaac Corporation only developed a process whereby your credit score is determined based upon various factors, including such factors as how reliable you are with payments, how much debt you owe, whether or not you have defaulted on a loan or credit card and so on.
It should be noted that there are other credit score calculations out there, but the only one many people pay attention to is the FICO score. All three main credit bureaus use FICO scores on their reports. FICO scores can work anywhere from 300 to 850, with an average in the US being between about 500 to the maximum.
There are many credit score Australia companies out there these days providing services that will check your credit report for you and credit report suspicious activity. However, you don’t need to spend a large amount of money to just pull your credit report from each agency. If you have a common name that you have been a victim of identity theft in the past then you have many activities going on constantly in your credit history and one of these services may be beneficial.