Category Archives: Credit Scores

Average FICO score hits record high—here’s the average credit score in every state

Excited women on a laptop

https://www.cnbc.com/select/average-fico-score-hits-record-high-703/ Key Findings The average FICO score in the U.S. hit a record high of 703 in 2019 Minnesota residents have the highest average credit score for the eighth consecutive year at 731 Mississippi residents have the lowest average credit score at 667 59% of Americans have a FICO score of 700 or higher — […]

Which Credit Score Do Lenders Actually Use?

Credit Score Meter

Not much has changed over the years in terms of consumers’ challenges in obtaining the same credit score that lenders obtain.    Here’s an article from 2017 in Forbes highlighting the issue: https://www.forbes.com/sites/robertberger/2017/01/06/which-credit-score-do-lenders-actually-use/#25a206b30b15 Fair Isaac, for example, will sell you access to your FICO scores through its site myfico.com. In fact, it will give you access to […]

New Trump Administration Rule Will Look at Immigrants’ Credit Histories

Credit History

The Trump administration imposed sweeping changes to U.S. immigration policy this week, including letting the government—apparently for the first time—weigh prospective immigrants’ credit history when deciding who gets to come to the U.S. and who gets to stay. https://www.wsj.com/articles/new-trump-administration-rule-will-look-at-immigrants-credit-histories-11565973971

Many minorities avoid seeking credit due to generations of discrimination. Why that keeps them back

Credit Discrimination

https://www.cnbc.com/2019/09/01/many-minorities-avoid-seeking-credit-due-to-decades-of-discrimination.html There is longstanding debate over whether the algorithms that drive the credit scoring system are racially biased. Joanne Gaskin, vice president of scores and analytics at credit-scoring company FICO, says the firm doesn’t use age, address, employment, income, gender or race in generating their scores. “The fact that race is not factored into the […]

How do Credit Bureaus Get Your Information?

Three major credit bureaus

The top three credit bureaus (also known as credit reporting agencies) are Experian, Equifax and TransUnion. When you’re applying for credit, lenders depend on the data provided by these bureaus to make their decision whether or not to lend you money. So where does this data come from in the first place? https://blog.myfico.com/how-credit-bureaus-get-your-info/

Checking your credit score should always be free. Here’s exactly how to do it.

Credit Score Meter

https://markets.businessinsider.com/news/stocks/how-to-check-your-credit-score-free-1028246386 A handy reference for a variety of options to check your “score” — or at least an approximation.  A variety of scoring models exist, often depending upon the credit product. For more information, visit: http://https//nyconsumerlaw.com/lawyer/What-data-is-being-reported-about-me-_cp19192.htm