Is my credit score FICO or Fake-O?

We’ve all seen them: those quippy credit report commercials with the jingles that get stuck in your head all day long. They talk about credit monitoring, bad credit and of course they offer – what luck! – a free credit report.

Well, as the old adage goes, if it sounds too good to be true, it probably is.
What many credit reporting companies such as these don’t tell you, is that all credit scores are not created equal. Sure, it’s possible ...

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Citigroup partners with FICO to provide credit scores to its customers.

Up until only a few months ago, consumers were largely in the dark when it came to the credit score information that big banks and credit card companies used to make decisions about their own customers. But that all changed last November when the Fair Isaac Company, known as FICO, rolled out a program encouraging banks to provide free credit scores to their own customers. The initiative received a huge boost in legitimacy recently as Citigroup announced that they would ...

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FICO’s new Score 9 is a win-win for credit reporting accuracy, consumers with medical debt.

This week, the credit reporting giant FICO reported they’re rolling out an update to their scoring model, FICO Score 9.  Once implemented, it will provide a more accurate and fair way to gauge consumer collections for credit scoring.  The highlight of FICO Score 9 is that it will differentiate medical collections from other consumer credit accounts in collections.  Up until now, those two types of accounts were lumped in together once they hit collections – hurting credit scores the same way.  But with a ...

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How will FICO Score 9 impact credit scoring? Not as much as you may think!

FICO’s recent release of its FICO SCORE 9 model caused a buzz of conversation among financial circles and even news media.  There are plenty of questions and concerns by consumers and headlines in the traditional news media.  But most people still don’t understand FICO 9 or what kind of impact it will have on credit scoring.

The following is a combination of data from several sources, but especially ficoforums.myfico.com.

Different banks and lenders use FICO in different ways.  Many of them still ...

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