Know your Credit Risk Score options: VantageScore® 3.0 vs. FICO® 8

Knowing your credit risk score (or “credit score”) and consistently trying to improve on that score is an important aspect of adult-life. Consumers with higher credit scores have an easier time getting approved for loans, mortgages, and rental housing, so achieving a score as close to 850 as possible is the ultimate goal in order to make life easier. While you certainly know where your credit risk score stands, do you know how your score is being calculated? Take a look at the most commonly used versions of FICO® and VantageScore®, and the benefits your credit score might see from understanding key elements to improve it.

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Myths and Facts about Credit Reports

Aside from a few tips on how to boost your credit score, not a lot of people know what’s true and false about credit reports. To be fair, even when you deal with credit every day, it can be difficult to keep the facts straight. Up your credit knowledge with our myth-busting guide, and see if you know the truth about these credit report myths.

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Avoid a $1,000 Fine when Screening Applicants

Recently I applied for rental housing for the first time in several years. I just sold my home and planned to live in an area I’m much less familiar with, and using a realtor to help me learn about neighborhoods to trust or avoid was extremely useful. The property I applied for was owner managed, and the vacancy being filled using another agent. The initial application seemed pretty straight-forward, but while waiting for the approval I received an unsecured email that contained my credit report in PDF. This instantly set off a red flag to me as a renter, consumer and a professional that has spent nearly a decade working in credit reporting.

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Deconstructing the FICO® Score

According to the Fair Isaac Corporation®, in the 1950’s, Bill Fair and Earl Isaac founded the company, which introduced a new concept of credit scoring to credit grantors. In 1981, FICO® introduced the first credit bureau risk score. Today, the predictive analytics company works with businesses in more than 80 countries to determine creditworthiness.

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Credit for Renting

The Impact of Positive Rent Reporting on Subsidized Housing Residents

For many Americans, financial exclusion is a reality. These Americans, many of whom consistently meet their financial obligations as agreed, operate primarily on a cash basis and are exempt from mainstream financial services products due to limited or no credit history. Therefore, these individuals are dependent on high-cost, short-term credit, and they pay a premium for access to basic services such as utilities and telecommunications.

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