Prosper

As an added benefit of membership, you can take advantage of special discounts, resources and services.

FICO® Scores Overview

WHAT IS A FICO®SCORE?

FICO® Scores are the most widely used credit scores. Each FICO® Score is a three-digit number calculated from the data on your credit reports at the three major consumer reporting agencies—Experian, TransUnion and Equifax. Your FICO® Scores predict how likely you are to pay back a credit obligation as agreed. Lenders use FICO® Scores to help them quickly, consistently, and objectively evaluate potential borrowers’ credit risk.

WHAT DOES THE SCORE REPRESENT?

A FICO® Score represents your credit risk (the likelihood that you will pay back your loan), which will influence a lender’s decision of how much credit is available for you and on what terms, such as the interest rate.

WHAT IS A “GOOD” FICO® SCORE?

The definition of a “good” credit score can depend on many factors, such as the type of loan being considered or internal guidelines set by individual lenders. In other words, that definition could vary from decision to decision.

I’M NOT SEEING A FICO® SCORE GENERATED. WHY?

There is usually one reason why a FICO® Score might not be generated for you:

• Your credit file does not meet these minimum requirements:

  • At least one account that has been open for six months or more
  • At least one account that has been reported to the credit reporting agency within the past six months
  • No indication of deceased on the credit file (Please note: if you share an account with another person and the other account holder is reported deceased, it is important to check your credit file to make sure you are not impacted).
Note: These minimum requirements vary slightly for FICO® Scores NG.

HOW OFTEN SHOULD I CHECK MY CREDIT REPORT?

Because FICO® Scores are based on your credit report, it is important to review your credit report for accuracy at least once per year, and before any big purchase, such as a house or a car. Every year, you are entitled to one free copy of your credit report from each of the three credit reporting agencies. A good source for this is www.annualcreditreport.com.

To learn even more about FICO® Scores, visit https://ficoscore.com/info/

*FICO is a registered trademark of Fair Isaac Corporation in the United States and other countries. SF Fire Credit Union and Fair Isaac are not credit repair organizations as defined under federal or state law, including the Credit Repair Organizations Act. SF Fire Credit Union and Fair Isaac do not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history or credit rating.