The FICO scoring method that was developed by Fair Isaac Corporation is used by lenders to know the risk a borrower may be imposing if they give them a loan. This is an all inclusive score that takes various types of data, measurements and variables into consideration that relate to a person's financial status. After calculation, the final score usually lies between 300 and 850 with the later being the highest score and 30 being the lowest score theoretically.
Finding out the FICO score without spending any money is a simple task with the help of Federal Government as well as the internet. You're probably wondering why the government has a free copy. This is because of the Fair and Accurate Credit Transactions Act that states that all credit reporting bureaus give individuals a free copy of the report once in a year. You can only get a copy if you request for it by using a reputable online company as the bureaus do not have to give you the copy.
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There are a number of websites that you can use, however the FICO score does not change regardless of the service that is used. These companies normally offer additional services together with your score and report like fraud protection, credit monitoring and credit repair. They don't have to offer these services but you can request for them if you feel like they are going to assist you in any way. After getting the score, you will be able to know the position you hold in the eyes of lenders and banks throughout the country.
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