Who Reads The Credit Report??? Isn’t FICO Enough?

There has been plenty of media attention to the Fair Isaac scores (FICO).  After all, says 90 of the 100 largest banks use FICO scores, according to Fair Isaac.  What about the other 10 of the 100 largest banks, and many other smaller ones?  They may be using an alternative to the FICO score, or maybe they are not using any FICO or FICO-like score at all!  “Many lenders use their own credit scores, which often will include the FICO score as well as other information about you.” (according to MyFico.com).

You should take care to make sure your FICO score is as highest as possible.  You should also take care to make sure that if someone pulls out your multi-page credit report, they get a very good picture.  You have to make sure everything speaks well of you, since some business entities may have their own way (sometimes subjective rather than objective) of calculating the credit worthiness of an individual.

Examples of entities who look beyond the FICO score, into the individual items of the credit report:

  • Mortgage Banks (Especially now that the subprime surprised everyone)
  • Luxury Cars

Other people who you might have to give access to your credit report, and may not have a credit scoring system; just a human like you and me to take a look and make an evaluation:

  • Potential Landlords (yes, I have rejected people because I do not like their credit report and I read everything).
  • Potential Employers

Other bloggers talking about Fair Isaac Credit Scores (FICO):

  • My Money Blog
  • Credit Addict
  • Bible Money Matters
  • Trees Full of Money
  • Toxic Money
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