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FICO Score Versions Used by Lenders and Credit Repair Companies

  • Street: 6080 Hamner Ave
  • City: Eastvale
  • State: CA
  • Country: United States
  • Zip/Postal Code: 91752
  • Listed: December 29, 2020 6:23 pm
  • Expires: 3 days
credit scores


A credit rating called FICO is the most widely used tool for banks, credit card companies and mortgage companies to assess the financial risks of potential borrowers. FICO, originally Fair, Isaac and Company (now named Equifax) is a publicly held data analytics firm based in San Jose, California primarily focused on credit scoring. It was established by Bill Fair and Earl Isaac in early 1956. Since its inception, FICO has become a staple of consumer lending throughout the United States.

There are two common methods through which FICO is calculated: the prescreened and the protected. The protected method is far more widespread since it is the sole method available to lenders; this would include mortgage lenders, credit card companies, car dealers and any other financial institutions that handle high risk business with customers whose payment histories are not perfect. Due to the excessive amount of prescreened accounts, the protected method is more widely used by financial institutions and less preferred by individuals or employers who wish to guarantee their credit worthiness with a FICO credit card account. Individuals who use the protected credit score versions of FICO are deemed less creditworthy than those who choose to go through the prescreened version.

The prescreened version of FICO only identifies three types of accounts when assessing your FICO credit scores. These include regular payments, collection accounts and bankruptcies. Regular payments, collection accounts and bankruptcies that are reported by creditors to the credit bureaus, such as Equifax, TransUnion and Experian are viewed as normal credit activity. This view is based upon the information provided by creditors and potential lenders through electronic billing systems and letters. Collection accounts, on the other hand, are reported by collectors directly to the credit bureaus once they have been accessed through electronic means. These accounts are deemed unacceptable by lenders since they do not contribute to the overall credit score, even if they are paid on time.

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