Credit Bureau

A credit bureau is an organization which collects consumer credit information relating to a consumers credit. This data is put together in a credit report and used by banks and other lenders to assess an individual’s creditworthiness, and thus their ability to pay off interest on loans. The bureau normally discloses financial information relating to an individual's bank accounts, debts, payment history, income, etc.

Credit Score

Fair Isaac uses the data provided by the credit bureaus to attain credit scores. The credit scores range from 350 to 800 points, with score of 620 or above usually considered good.

Mortgage lenders and large financial institutions depend on credit scores to assess credit risk, and to estimate the creditworthiness of individuals.

In doing so, lenders use credit scores when making loans to determine who qualifies for a loan, the interest rate, and credit limits. The higher ones credit score the more favorable the credit terms will be.

Credit Monitoring

Credit monitoring is a service typically provided by credit bureaus which enables a consumer to detect any suspicious or unusual activity concerning their credit history, such as credit related fraud or identity theft. Having access to this information enables consumer's to take preventative action.

It can be used by a consumer to receive alerts of critical changes to their credit history, and activity such as credit inquiries, public records, delinquencies, negative information, and other changes.

Typically a credit monitoring service provides a consumer with unlimited online access to their credit report.

Credit Report

Credit reports are prepared by a credit bureau based on public records and other individual data sources, and used by banks and financial companies to estimate a consumer's creditworthiness.

FICO Score

A FICO score is a credit score model used by the Fair Isaac Corporation. The FICO score is calculated by using information from a consumer's credit files, and mainly used by banks and other providers to gauge consumer credit risk for secured and unsecured credit.

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