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

The scoring system started in the 1950s with the intension to make the lives of lenders easier with a uniform method to determine the credit worthiness of borrowers. Overtime the FICO score has become an industry wide benchmark on a borrower’s creditworthiness and can effectively narrow down an applicant’s credit history into a single number.

The actual process of calculating the FICO score of any individual is rather complex. The score isn’t a straight addition of number represented rather is an integration of many models designed to give a true indicative weighted number for a person’s credit worthiness. The idea of FICO scored is to take previous historical credit information of an individual and predict the future performance of the borrower. The FICO score actually takes the performance of all other borrowers to set a weighted benchmark against the borrowers.

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