With respect to personal finance, what is the name of the most commonly used credit scoring system intended to help lenders predict how likely an individual is to repay a loan, or make credit payments on time?.

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21-09-2022
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With respect to personal finance, what is the name of the most commonly used credit scoring system intended to help lenders predict how likely an individual is to repay a loan, or make credit payments on time?.

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shomerajeshwari90 shomerajeshwari90 · Answer 1 · 2022-10-05T06:50:51+02:00

FICO Score i.e. Fair Issac Corporation Score is the most commonly used credit scoring system intended to help lenders for personal finance

The Fair Isaac Corporation developed a credit score called a FICO score (FICO). Borrowers' FICO scores and other information from their credit reports are used by lenders to evaluate their credit risk and decide whether or not to grant credit.

When calculating credit worthiness, FICO scores use information from five categories: payment history, current debt load, credit kinds used, length of credit history, and new credit accounts.

Between 300 and 850 is the full FICO score range. A "good" credit history is often indicated by scores in the 670 to 739 area, and most lenders will view these scores favourably. In comparison, it could be challenging for consumers with credit score in the range of 580 to 669 to acquire financing at competitive rates.

Learn more about FICO score, here

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