What are Credit Scores?
The credit scores most widely used in lending decisions are FICO® Scores, the credit
scores created by Fair Isaac Corporation (FICO). Lenders can request FICO® Scores
from all three major consumer reporting agencies, including TransUnion®, a leading
global risk and information solutions provider that finds innovative ways to leverage
data and information to help consumers and businesses make smarter decisions .
Lenders use FICO® Scores to help them make billions of credit decisions every year.
FICO developed FICO® Scores, based solely on information in consumer credit files
maintained at the consumer reporting agencies.
Understanding your credit score can help you better understand your credit risk and
allow you to keep up your good financial habits. Your credit score is one of the most
important factors that lenders consider in determining your eligibility for a home loan. It
can also affect the terms, conditions and types of loans for which you may qualify.
Vanderbilt partners with FICO and TransUnion® to provide customers with their FICO®
Score, in addition to other educational tools to help them stay informed and
understand changes throughout the year. This information is provided to customers for
no additional charge at www.vmfhomeloan.com/first-time-buyers.
Understanding how lenders utilize credit scores, as well as the benefits of maintaining
a good score, can help you during the lending process.
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