Bills.com Offers Crash Course in Credit Scores
Six ways to understand and improve your money’s most important number.
San Mateo, CA (PRWEB) October 4, 2006 -- Late-night TV and Internet ad banners feature a confused customer trying to understand his or her credit score, intended to rouse viewers’ curiosity about their own credit.
Most of these advertisers make money by charging people to provide their credit score -- but any consumer can obtain and understand the scores for free, said Andrew Housser, co-CEO of Bills.com.
“The terms ‘credit score,’ ‘credit rating’ and ‘FICO score’ are often used interchangeably,” said Housser. “This is basically correct. FICO simply refers to Fair Isaac Corporation, the company that originally developed a ‘score’ method of rating consumers’ credit histories.”
The three major credit reporting agencies -- Equifax, Experian and TransUnion -- each report their own credit scores, based on running information they have collected through the Fair Isaac scoring formula, Housser said.
He explained that credit scores are calculated using mathematical methods. They incorporate credit history, amount of credit available and used, number of late and on-time payments, and whether any payments due are in default.
Most of these advertisers make money by charging people to provide their credit score -- but any consumer can obtain and understand the scores for free, said Andrew Housser, co-CEO of Bills.com.
“The terms ‘credit score,’ ‘credit rating’ and ‘FICO score’ are often used interchangeably,” said Housser. “This is basically correct. FICO simply refers to Fair Isaac Corporation, the company that originally developed a ‘score’ method of rating consumers’ credit histories.”
The three major credit reporting agencies -- Equifax, Experian and TransUnion -- each report their own credit scores, based on running information they have collected through the Fair Isaac scoring formula, Housser said.
He explained that credit scores are calculated using mathematical methods. They incorporate credit history, amount of credit available and used, number of late and on-time payments, and whether any payments due are in default.
Read more at: Bills.com Offers Crash Course in Credit Scores
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