EXPERIAN CREDIT REPORT TUTORIAL
SCORE SUMMERY (FICO)
3. The score summary Experian/ Fair Isaac (FICA
or FICO) is above the applicants credit and trade
information, and is the over all rating of the applicants
future credit worthiness as determined by many financial
factors devised by the Fair Isaac Corporation. Generally
scores exceeding 630 to 640 are considered by banks
as worthy of loans. The lowest scores are in the
low 400's and the highest scores close to 850 (Very
few). Scores between 600 and 700 are very common
and considered very good. Most tenant applicants
will fall between these scores (550 and 675). Scores
below 575 are considered a risk, and usually warrant
further documentation or higher security deposits
if the landlord proceeds.
This is a comprehensive list of the information
considered by Fair, Isaac scoring models in calculating
a FICO score at one of the major credit reporting
agencies. This information was released 6/8/2000
and was taken directly from the Fair Isaac web
site.
Past payment history
Amount of credit owing
Length of time credit established
Search for and acquisition of new credit
Types of credit established
Credit Report Tutorial Continued
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