The Use Of Fair Isaac Credit Score Statistics
August 24, 2008 4:16 am BusinessThe Fair Isaac credit scoring system is easily the most widely used credit scoring system available. It uses the borrowers’ past financial and personal records such as payment history, debt records and income information to calculate the score. The score will tell the banks the amount of risk they face if they give you money. The score is supposed to lie between 300 and 850; where 300 means very high risk and 850 implies minimal risk. The fair isaac credit score statistics show that nearly 60 percent of the scores calculated tend to fall in the range of 650 to 799.