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You can find great local Fort Lauderdale, Florida real estate information on Localism.com William Lewis is a proud member of the ActiveRain Real Estate Network, a free online community to help real estate professionals grow their business.

Check Your Credit Score

What is a Credit Score?

A credit score is a number generated by a mathematical formula that is meant to predict credit worthiness. The most common of the credit score standards is the FICO score by Fair Isaac. The FICO score ranges from 350-850 and is intended as a predictor of whether or not you will be 90 days late on a loan obligation. Fair Isaac uses thousands of credit reports to calibrate the FICO scoring model and is very secretive of the exact formula.

Here is a percentage breakdown of a FICO score:

  • 35% - Payment History
  • 30% - Debt Ratio
  • 15% - Length of Credit History
  • 10% - Types of Credit
  • 10% - Number of Credit Inquiries

Most people are aware of the three credit reporting agencies TransUnion, Equifax and Experian. The average difference in score between the highest and lowest of your three FICO scores is 60 points. This is the result of each of the credit bureaus having different items on their report. some correct, some incorrect and some that are not being reported in full compliance with credit law.

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