Taking Charge Of Your Credit Score

Taking Charge Of Your Credit Score
Credit scores were first introduced in 1956. Data analytics company FICO (then known as Fair, Isaac and Company) was the first to come up with a credit system. In the US, the credit score is calculated between 300 and 850 points and is known as the FICO score system. This system came into place in 1989 and is still in use till today. A credit score is a rating that’s an indicator of the financial reliability of a person. This three-digit number is unique to every individual and is checked when one borrows funds – as in the case of a loan. It can also be assessed when applying for a job or when buying an insurance policy, among other things. A credit score is used to determine the amount of risk a potential borrower carries. Every lender refers to your credit rating to ascertain whether ...