Step-by-step guide to clean your credit with sample letter

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Tayla Andrè
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UNDERSTANDING WHY CREDIT IS KING

FICO has become a significant determinant of consumer lending in the United States. Founded in 1956 by two men that worked together at the Stanford Research Institute. FICO was initially Fair, Isaac, and Company named after the founders William R."Bill" Fair, who was an engineer and Earl Judson Isaac, who was a mathematician. In 1958 the two started pitching their idea to 50 American lenders who then and now use the scores to gauge potential borrowers' creditworthiness. Fannie Mae and Freddie Mac were the first to use FICO scores to determine if consumers qualified for their mortgages.

The credit bureaus are not governmental organizations; however, they are publicly traded; therefore, the federal government has put specific legislation in place to regulate their activities and protect citizens. The law that governs the actions of these agencies is the Fair Credit Reporting Act (FCRA). The credit bureaus provide analytic tools for companies so that they know whether to loan you money and if at all, what interest to charge you. The credit bureaus are not in charge of making these decisions; however, they provide the necessary information for money lending institutions to make such a decision.

  • Clean your Credit Today!

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  • Clean your Credit Today!
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Step-by-step guide to clean your credit with sample letter

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