Nov 28 2008
Suze Orman Explains Your FICO Score
A lot of people don’t understand the difference between their credit score and their FICO score. Suze Orman does a great job of explaining this difference in great detail in this video clip from the Suze Orman Show on CNBC:
Key points:
- Every credit-related action is reported to a credit reporting agency
- car payments to Equifax, mortgage payments to Transunion
- Interest Rate is determined by FICO Score
Low FICO Score = higher interest on loans, credit cards - 3 Separate FICO Scores: one for each credit reporting agency
each agency reports to FICO individually - 90% of major lenders use FICO Score to determine your Interest Rate
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One Response to “Suze Orman Explains Your FICO Score”
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Suze has some great tools to install on her Fico kit. You get three credit reports a year (from any of the three major companies). You get help on how to fix errors in your report. Really great software and easy to use, with a lot of bells and whistles. I highly recommend it.