Your 3 in 1 credit reports with FICO score is a summary of your credit background from the three main credit-reporting agencies; namely: Experian, Equifax and TransUnion. They serve as measures to evaluate your credit worthiness and your capacity to meet financial obligations on time.
This report highlights your paying behavior by summarizing your credit history, years of credit background, number of loans applied, number of loans approved or rejected, and your outstanding balances among others. This document greatly helps financial institutions in evaluating your current and future loan applications with regards to approval or rejection of your application; this will further help them decide on the best terms well suited to your financial behavior.
Your credit report with FICO score contains the most commonly used scoring system developed by First Isaac Corporation which uses mathematical formula in deriving your credit evaluation. Although, the three main reporting agencies use other formulas like the Emperica and the Beacon-score; the FICO score is the one most popularly used.
What you should know about your 3 in 1 credit report with FICO score is that it uses numerous variables to come up with your real score such as the ratio of your present debt versus your available remaining balances, your current debt, length of credit-record , punctuality of payment, and still much more depending on the evaluating company's standards of evaluation.
Your First Isaac Corporation score usually ranges from 300 to 850; and a 720 mark is already considered as good risk; while high-risk loan applicants are those whose grade is below 600. In some instances when your mark is below 600, other companies may still reconsider your loan applications but it should be accompanied with co-makers to further lower their risk.
It is very important to regularly get your credit-report every year because sometimes the information contained in your personal credit document may contain some errors which could greatly affect your mark; thus affecting any other aspects of your life where the credit report is based on. By identifying errors early on, you will be able to prevent damage to your financial reputation which is very crucial in today's life.
Hence, remember to always subscribe to your annual 3 in 1 credit report with FICO score because this will greatly help you track your credit performance; and improve your grade for whatever purposes it may serve you.