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home loan: What Does My Credit Score Mean?
- 06/02/08 06:01 AM
The concept of credit started back in 1956 with two men named Bill Fair and Earl Isaac. Fair, a mathematician, and Isaac, an engineer, founded the Fair Isaac Company; otherwise, known to us today, as the FICO score. This credit system has standardized the way the financial industry extends "credit".
The 3 National Credit Bureaus:
1. EXPERIAN - uses the Fair, Isaac Model 2. EQUIFAX - uses the Beacon scoring Model3. TRANS UNION - uses the Empirica scoring Model
EXAMPLE:
These scores represent a composite of the borrower's credit history, employment, ability to save, and so … (2 comments)
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