What is the quickest way to improve your score? Do mortgage inquiries count against your credit score? Credit repair expert Jim Kemish answers these questions and more.
The Importance of Your Credit
Your credit score will determine the interest rate that you are charged on everything from your credit cards to your mortgage. No other single bit of data has such a dramatic impact on the quality of your life. Nothing is as important, and yet credit scoring is widely misunderstood. Here are answers to some of the most common questions that we are asked.
When Did Credit Scoring Start?
In the 1950s two Stanford University researchers, engineer Bill Fair, and mathematician Earl Isaac invented the first version of what has become known as the FICO score. Fair, Isaac & Company0s FICO score is now the most widely used credit bureau score in the world. Automated FICO scores were first made available in 1989 and initially used primarily by credit card issuers. In 1995 Fannie Mae and Freddie Mac, the two secondary mortgage market giants, first recommended that lenders pull credit scores for all borrowers. And the rest is history.
Why Are the Three Scores Different?
There are three primary credit bureaus. They are Experian, Equifax, […]

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