« Understanding Credit Score - Credit Approval
Understanding Credit Score - Free Credit Score »

Understanding Credit Score - Credit Score Discrimination?

True or False?

It is against the law when it comes to credit to discriminate against me because of my gender.

True.

Federal law prevents the credit industry from discriminating against you because of your gender, national origin, age, marital status, or the receipt of public assistance.

However, federal law does not specify what factors are to be used in determining your credit score.

The guidelines used by FICO are:

Your credit score is based on:

  • 35% - Payment History

  • 30% - Amount Owed

  • 15% - Length of Credit History

  • 10% - New Credit

  • 10% - Types of Credit in Use

Remember, if you’re not working the system, it’s working you.

PapaJoe

    • This entry was posted on Monday, January 29th, 2007 at 7:32 pm and is filed under Understanding Credit Score. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

    Leave a Reply

    You must be logged in to post a comment.