FICO
The Fair Isaacs Company came up with a way to use algorithms, rations and scenarios to come up with
credit scores that range from 350 - 850. It shows the likelihood of the borrower going to default.
Vantage Score
There is a new score called the Vantage Score. This score assesses your credit worthiness by assigning
a grade from A - F. Car dealerships are using this score right now to assess consumer credit worthiness.
BNI Score
The BNI Score judges the liklihood of a consumer filing bankruptcy. For example, when you go to a bank
and apply for credit, they are able to see your BNI Score and see if your debt to income ratio is so high
that there may be a liklihood of you filing for bankruptcy.
Med-FICO Score
The Med-FICO Score is intended to judge a person's likelihood of paying their medical bills which raise
concerns from consumer advocacy groups that fear it will be checked before patients are treated.
Collection
A debt sold to a third party collection according to the FDCPA (Fair Debt Collections Practices Act).
Charge Off
An unpaid debt that the bank writes off
Public Records
Bankruptcies, Foreclosures, Tax Liens, Child Support
Non-Public Records
Charge Offs, Collections, Late Payments, Repossessions, etc.
Mortgage Accounts
Includes first mortgages, home equity loans, and any other loans secured by real estate you own
Installment Accounts
Credit accounts in which the amount of repayment and the number of payments are predetermined or fixed, such
as a car loan
Revolving Accounts
Charge accounts that have a credit limit and require a minimum payment each month such as most credit cards
Other Accounts
Accounts that do not fall into the other categories and can include 30-day accounts such as American Express