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How to get your credit reports
Fair Isaac: "The Median FICO Score in the U.S. is 723."
FICO credit score myths and misinformation
Rumor, misunderstanding, wives tales, voodoo, hooey, stupidity, herd-mentality, sloppy reporting and general silliness. Bunk, and actual proof to back up the debunking. Science, not middle ages-style myths, rumors and wives tales.
1. FALSE STATEMENT: The average FICO score is 678.
Fair Isaac: "The average FICO score is not 678."
The median FICO score is 723, according to Fair Isaac. They do not use the mean average in describing the FICO. 678 was Experian's PLUS score (PLUS is not a FICO score) average, at one time.
See all the fun at Fake-O FICO Funk.
2. DUBIOUS ADVICE: Keep your revolving account balances to 30 percent of your available credit.
Fair Isaac: "For FICO High Achievers the ratio of revolving balances to credit limits is 7%, on average."
Fair Isaac partner Suze Orman: "The FICO brain trust says there is no specific number that qualifies as a 'good' ratio, just that lower is always better."
3. FALSE STATEMENT: FICO scores have been used since the 1950s.
Fair Isaac was founded in the 50s, but the FICO score first appeared in 1989.
4. FALSE STATEMENT: Length of time at present residence is a FICO score factor.
Length of time at present residence is not a FICO score factor.
Google
Yahoo
Also, "Length of time at current residence."
5. False statement: Length of employment is a FICO score factor.
Fair Isaac: "What is not in your score: Your salary, occupation, title, employer, date employed or employment history."
Other myths pages
Credit.com
Fair Isaac spokesman
CNN/Money (2005)
MSN Money
WhatsMyScore.org
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April, 1997: "Information on how to obtain one's credit score is suspiciously absent from your site. How do I get mine?"
"And we're not running a game show. I mean, we're evaluating risk. We're not trying to have people get--achieve the highest score."
"Fisher is a fan of going by the book and then beyond it."
"He beat the scoring proponents to the punch by scooping up the web address http://www.creditscoring.com, from which he launches often strident, sometimes wacky, but usually well-documented attacks on the credit-scoring concept and the industries that support it."
Realty Consumers Empowered By Online "Peoples" Court - "His Web site CreditScoring.com helped him-- and millions of other consumers-- extend fair credit reporting rights to credit scoring information."
"Fisher operates the www.creditscoring.com Web site, which skewers the secrecy of the credit bureaus and Fair, Isaac." - The Detroit News
CreditScoring.com is an exceptionally-interesting site that offers news and information regarding credit scoring and--
really-- the entire credit process."
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