Understanding Your FICO® Score: A Global Perspective

Welcome to our comprehensive guide on understanding your FICO Score provided by ACRA Credit Reporting CJSC. FICO Score is a scoring system developed by Fair Isaac Services Limited Company (NYSE: FICO), which by subjecting the customer’s credit history to statistical study and analysis, gives a numerical assessment of credit risks. It is a key used by lenders worldwide to assess creditworthiness and financial risks. Let’s explore what your FICO® Score means, how it is calculated and its impact on your financial opportunities․

What is a FICO Score and why is it important?

Your FICO Score is a three-digit number, ranging from 300 to 850 which reflects the level of consumer credit risk based on the information in your credit report at a specific point in time. A higher score suggests a lower risk, which can lead to more favorable interest rates, terms and limits for loans and credit cards.

How is Your FICO Score Calculated?
Your score is determined by analyzing various aspects of your credit report:

1. Payment History (35%)
2. Amounts Owed (30%)
3. Length of Credit History (15%)
4. New Credit (10%)
5. Credit Mix (10%)

What does the FICO Score report contain and how to get it?

FICO score report, in addition to the borrower’s score, also shows the minimum, maximum scores of the range and 2 factors that have the greatest impact on the formation of the borrower’s FICO Score. The graphical solution indicates the client’s rating class, total 5 classes: poor (300-579 range), fair (580-669), good (670-739), very good (740-799) and exceptional (800-850). ACRA Credit Reporting CJSC offers access to your FICO Score through your online self.acra.am personal account, allowing you to monitor changes and understand your credit status.

Important to know:

• Checking your own credit report or FICO Score has no impact on your credit score.
• Your data is always accessible through your personal account.
• The score helps lenders make a quick and stable decision.
• The score helps borrowers make smart loan choices.

Improving Your FICO Score

You can improve your FICO Score first maintaining a consistent and good credit history. Key steps include making timely payments, reducing the number of existing loans and guarantees, limiting new credit accounts, and regularly monitoring your credit report.

Understanding your FICO Score is vital for managing your financial health․ The information in your credit reports continually changes, which means your FICO Score also gets updated. ACRA Credit Reporting CJSC is dedicated to providing you with the tools and accurate information needed to navigate your credit journey successfully.