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When it comes to credit scores, however, lenders prefer the FICO Score by a wide margin. This story was produced by SoFi and reviewed and distributed by Stacker. Show comments. Advertisement.
Lenders contend that widespread use of credit scores has made credit more widely available and less expensive for many consumers. [2] [3] Under the Dodd-Frank Act passed in 2010, a consumer is entitled to receive a free report of the specific credit score used if they are denied a loan, credit card or insurance due to their credit score. [4]
The most widely used version is FICO Score 8, though some lenders have upgraded to the company’s newer models, like FICO Score 9 or FICO Score 10. To better meet the needs of lenders, there are ...
In addition to the standard FICO score 8 or 9, an auto lender might use: FICO Auto score 2. FICO Auto score 4. FICO Auto score 5. FICO Auto score 8. FICO Auto score 9. FICO Auto score 10. Credit ...
A credit score is primarily based on a credit report, information typically sourced from credit bureaus. Lenders, such as banks and credit card companies, use credit scores to evaluate the potential risk posed by lending money to consumers and to mitigate losses due to bad debt.
A credit score is primarily based on a credit report, information typically sourced from credit bureaus. Lenders, such as banks and credit card companies, use credit scores to evaluate the potential risk posed by lending money to consumers and to mitigate losses due to bad debt. Lenders use credit scores to determine who qualifies for a loan ...
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