Understanding Your Credit

WHAT IS A FICO SCORE? A credit bureau measures the relative degree of risk a potential borrower represents to the lender o investor. The bureaus rely exclusively on their own data for calculating scores. The credit breaus and their respective models are:

• Equifax (formerly CBI) / Beacon model
• Trans Union / Emperica model
• Experian (formerly TRW) / FICO model

A credit score attemps to condense a borrowers credit history into a single number. FICO scores vary from approximately 375 to 900 points. Generally, the higher your credit score, the better the interest rate you will be able to obtain. We have loan programs available to suit a wide range of credit scores. HOW IS A FICO SCORE CALCULATED? HOW CAN I INCREASE MY SCORE? HO DO I OBTAIN A COPY OF MY CREDIT REPORT?

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