FICO Scores, Credit Repair and Home Loans - The Real Truth
By Keith Gill

Some of the important factors that carry a large weighting when it comes to FICO scores are bankruptcy, frequency of late payments, value and time spent in your current residence along with the employment history of a borrower and also the police record of an individual if he or she is unfortunate enough to have one.

There are currently 3 different reporting agencies which provide FICO scored. These agencies are Equifax, Trans Union and Experian. Lenders can use the scores of any of these agencies however the majority of lenders will take the average of the three to get a fairer picture.

There is a group of people who do not agree with the use of FICO scores and comment that an individual’s credit history cannot be summarized into a single number rather it should be studied carefully on a case by case situation. The fact is that FICO scores allow lenders to quickly gauge a borrower’s worthiness and quickly provide the loan rather than waiting additional days just to verify details of a person’s history. It is because of this that FICO scores have become so important.

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