FICO TRUTHS

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FICO logo

FICO logo (Photo credit: Wikipedia)

Whenever you apply for Credit for any of the 5 standard purposes the Lender will require a FICO report. This will be different for each category:

1. Mortgage – Most complete.

2. Auto – Next most complete.

3. Credit Card – Next most complete.

4.Personal loans – Next most complete.

5. Installment loans – Least complete.

Each will give a different FICO Score, Lowest for a mortgage, and highest for the Installment loan.

DO NOT CONFUSE ANY OF THESE WITH THE “FREE” Credit Reports you can get from all 3 of the major Credit BureausĀ (EQUIFAX, EXPERIAN and TRANS UNION).

THESE ARE NOT FICO REPORTS and are of no practical use to anyone but you.

Factors contributing to someone's credit score...

Factors contributing to someone’s credit score, for Credit score (United States). (Photo credit: Wikipedia)

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