Personal Credit

The beginning of any credit repair process starts with understanding your current credit situation and the credit situation you want to be in. It is always best to set an honest, obtainable goal for your credit; just as you should set personal goals for any project. Your credit affects so many areas of your life that it must be safe guarded.

The concept behind personal credit score numbers and credit worthiness

What is credit and credit scores? In the beginning, the early years of modern day lending, creditors needed method for communicating individuals and businesses credit worthiness. Records of credit extended and repayment timeliness always existed with the originators but it was determined that there was an opportunity in the gap between creditors, businesses, and the consumers. Established in 1956, the Fair Isaac Corporation, now officially known as FICO, offered a solution to this need. FICO coordinates with lenders, banks, credit unions, credit card agencies, and businesses to pull in all the details of individual’s financial history, as recorded by businesses reporting to FICO

Not all organizations report individuals and companies to FICO but large suppliers, with large transactions typically do. These are usually loan organizations, car dealers, ‘big box’ retailers, and other large-scale organizations. According to the official FICO website,, over five thousand organizations use FICO products and analytic details directly while countless others are linked to FICO indirectly through associated partnerships.

So, what does this all mean to you? For the individual lender or small business, FICO represents your credit worthiness in a largely accepted solution.