January 29, 2007
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
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