What Is A FICO Score Report?

A fico score report is made in a number system that was made up by Fair and Isaac Corporation in 1956 to analyze a person's credit history and gives it a number. This number is based on payment history, amount owed, and length of credit history, new credit and types of credit used. Depending on your payment history and the overall ability of you to pay on time you are given a fico score. This score is your credit rating.

A fico score report is used by all lenders through Experian, Equifax and TransUnion to check your overall credit history. The higher the number in this report the better your credit score is. Banks, mortgage companies, car lenders, wireless companies and credit cards are not the only type lenders that will check your report throughout your history. There are also government agencies that may check your report also. You should get and check thoroughly a copy of your report at least once per year to see exactly what is on there but also to check for any illegal activity.

Identity theft is a very real danger for everyone. You should always go through the channels to protect your personal information. If you ever suspect any illegal activity, you should report it to the authorities immediately, report it to your credit companies and contact a lawyer. Do not wait and hope that it will go away. This will give the thieves more time to damage you and your family. Be sure that any time your give your personal information to anyone that they are operating legally and a reputable company. If you have any doubts at all do not give them any personal information until you have checked them out. Your fico score report affects not only you but also your family and everything you do pertaining to your credit and investments.

Your fico score report is your overall credit rating and does follow you throughout your credit history. If you have bad or poor credit, there are companies out there that can help you repair and in some cases erase credit problems on your report. If you choose to do this, make sure you are dealing with a reputable company that will protect your personal information. You can check them out with the Better Business Bureau or talk to people locally to be sure they are a reputable company. Do not leave your future and your personal information to chance.