YOUR CREDIT

 

What is a FICO Score?

If you have ever applied for a credit card, car loan or mortgage loan, you have probably heard the term 'FICO' score, but most people don't know what it is.

In the late 1950's Fair Isaac & Co. (FICO) came up with a scoring software program that would help creditors determine whether or not that particular person was creditworthy. This software program evaluates your credit and assigns it a number score. This virtually eliminates the need for another person to evaluate your credit report. In essence, a FICO score is like a report card of how you manage your credit.

 

Can I improve my FICO score?

If you have had some financial woes in the past, your FICO score may be suffering as a result. Having a good FICO score can save you thousands of dollars in interest on credit cards, car loans and mortgages. There are very simple steps you can take to improve your FICO score.

 

What is "Rapid Rescore"?

Rapid Rescore is an expedited process offered by Liberty Financial to improve your credit score. When negative information is being incorrectly reported on a client's credit report, it can grossly affect the credit score. Often times getting this information corrected can take months, meanwhile the client is missing out on a good loan or interest rate.

With Rapid Rescore, Liberty Financial can get most items removed within days. The client simply gets a letter from the creditor stating that the information is being reported incorrectly and Liberty Financial orders the Rapid Rescore through the credit reporting company. Generally within 72 hours the information will be corrected. Once the change is reflected on the new credit report, the score will generally improve significantly. Rapid Rescore can make the difference between loan approval and no approval.