The certification involves three mini certifiactions as well:
- Exploring FICO Scores:co Exploring FICO ® Scores is designed to teach the fundamentals of FICO ® scores. This certification defines key credit terminology to clarify and highlight differences between common credit terms. Additionally, the certification identifies the information on a credit report that is utilized to calculate a FICO ® score. Certificants learn the five categories of information that are considered in FICO ® scores and recognize how behaviors such as inquiries, loan modifications and foreclosures, among others, may affect FICO ® scores. Furthermore, details on the latest scoring model, FICO ® 8, are provided, highlighting key differentiators and resulting benefits in predictive value. Lastly, the certification identifies methods that consumers can use to manage and improve their FICO ® score
- Analyzing the Credit Report: Analyzing the Credit Report is designed to review the credit report zones including trade lines, credit inquiries, collections items and public records as well as what information is found in the identifying information zone. It explores the categories of consumer information used in determining a consumer’s FICO ® score and reviews the steps to analyze a credit report for duplication and erroneous information. Additionally, Certificants learn how to identify potential identity theft in a credit report.
- Communicating Credit Information: Communicating Credit Information examines privacy laws designed to protect consumer’s personal financial information and consumer rights regarding access to their credit information. Certificants learn how to effectively communicate the key information on reports and review useful tools for consumers when evaluating their credit score and uncovering identity theft. Certificants are given guidelines on how to aid a consumer in the proper steps for reporting inaccurate information and identifying the impact of FICO ® scores on consumers.
Most Banks, Lending institutions, insurance agencies, rental & property management companies and some of the largest pharmaceutical companies use the Fico Scoring Model to measure your personal credit risk to extend you different types of credit and or Loan Qualifications. The factors used by Fico to determine your Fico Scores from your personal credit reports are as follows: Public Records, Inquiries, collections and Trade line Account Information.
Common Scoring criteria are based on: How you make your payments (which are 35% of your credit scores), How much you owe on your credit balances (which are 30% of your credit scores), The Length of your Credit History (which are 15% of your credit scores), Different types of credit used (which are 10% of your credit scores) and Recent or New Credit (which are 10% of your credit scores).