"The credit DVD presents the complex subject of credit scores in terms that consumers can easily understand and most importantly; it includes genuine and accurate tips to improve their scores".
Ken McEldowney
Executive Dierctor, Consumer Action
What's in Your FICO® Score
The FICO® score is a number that summarizes your credit risk, based on snapshot of your data at the three national credit bureaus, Experian, Equifax and TransUnion, at a particular point in time. This data can be grouped into five categories:
The percentages in the chart below reflect how important each of the categories is in determining your FICO® score
- Payment information on the types of accounts you have, including credit cards, retail accounts, installment loans, finance company accounts, mortgage, etc.
- Whether you have any adverse public records (such as bankruptcy, judgments, suits, liens, wage attachments, etc.), collection items, and/or delinquency (past-due items)
- If you have been past-due on payments, how long past due you've been
- Past due on delinquent accounts or collection items
- How recent the past-due items (delinquency), any adverse public records, or collection items (if any).
- How many past-due items are on file
- How many accounts have been paid as agreed
- The total amount you owe on accounts
- The amount you owe on specific types of account
- The number of accounts you have with balances
- How many of credit lines you are using, or the amount of your balances in relation to the amount of your credit limits on certain types of revolving accounts
- The proportion of installment loan amounts you still owe in comparison to the original loan amount on certain types of installment loans