An Inside Look at FICO Scores: What every consumer should understand about the most popular credit score.

By Jeff Sipes

There are many different forms of credit scores, used by banks, lenders, and financial institutions every single day. But FICO, or the Fair Isaac Corporation, is one of the most popular for analyzing consumer credit data and using it to formulate a score that predicts credit risk.

FICO Scores are used in over 90% of all U.S. lending decisions, making them by far the most popular and widely used credit scores. In fact, each year, millions of lenders, banks, financial institutions, and retailers access billions of FICO Scores in order to help them make lending decisions. By analyzing a consumer’s credit report, FICO is able to gauge an individual’s risk as a credit applicant and allow lenders to make wise decisions while granting them new credit and more.

FICO Scores offer them quick, accurate, and consistent metrics of credit risk, helping not only lenders but millions of consumers access credit scores and manage their debt and finances.

Therefore, your FICO Score is an important aspect of your overall credit profile and financial wellness. FICO Scores have a direct and immediate impact on your interest rates, getting approved or denied for new loans like mortgages, auto loans, credit cards and more.

Since consumers also have access to their FICO Scores and data, they can see a version of what lenders are looking at when they make lending decisions, and take active measures to improve their credit based on FICO’s best practices and scoring guidelines.

• Language: English
• Publisher: Jeff Sipes
• Release date: Mar 8, 2019
• ISBN: 9780463014929

Jeff Sipes

Jeff Sipes is the President of Blue Water Credit, one of the nation's most credible and established credit repair firms. Blue Water Credit started during one of this generation’s toughest economic times. The economy was imploding and joblessness continued to soar. As such, families lost homes, lost their investments, and could not repay their existing debt- resulting in a surge of credit problems for the common household. Wanting to do their part in helping people in the way they know best, Co-Founders Jeff and Natalie Sipes sought out to establish a credit restoration service. First, starting with repairing credit for close family and friends. The impact on the lives they saw was immediate. People began referring others they know in their lives with the same credit issues, seeking a fresh start. What started out as a two-person credit restoration service has now grown into a full-scale credit repair company, employing passionate case managers to personally oversee their customers’ journey to credit recovery. To this day Blue Water Credit is one of the highest rated credit repair companies by the Better Business Bureau. We do this by managing our business legally and handling cases ethically because we understand our customers’ needs and we understand the law. We have helped thousands of people improve their credit. We have helped our clients achieve their dreams of homeownership. Most importantly, we have helped people gain back their financial confidence and improved their quality of life. Find out more or get help at BlueWaterCredit.com

Book preview