According to a report which has been published by the creators of the FICO credit score, the total numbers of customers having top credit scores have increased significantly.
A famous corporation family, also know as the Fair Isaac Corporation carried out some analysis which indicated that nearly 18.3 percent of the customers bearing FICO scores have now upgraded scores from eight hundred to eight fifty. This lands them in the top series of scores which are available. According to the statistics of 2008, nearly 18.7 % of those people were lying in that range.
The range starting from 300 and reaching 850, is usually used by most of the lenders to calculate the likelihood and prospective of a customer. The chances of securing loans increase if your score falls in-between the demonstrated numbers. Your reward is based on the level of honesty which you exercise and demonstrate to the people. It is also related to the amount of trust which other people have on you and the amount of loan which you will get.
The report which has been issued by FICO is quite authentic as it carries the actual figures from different reliable sources. Made by Equifax it is based on the analysis of major and renowned credit reporting agencies and it dates from the October of the year 2011.
According to the report, out of total only fifteen point five people have their score range lying in between seven hundred and seven hundred and forty nine, these figures can be regarded as the lowest figures since FICO started recording data from different sources. According to the information received from FIC labs it has been judged that most of the people strive hard to improve their scoring to maintain a good profile. Making your credit profile up to the mark is not a difficult job all you have to do is use your credit wisely and make all the billing payments on time. It has been estimated that nearly fifteen percent of the people had their scores in the range of 300-549; this can be regarded as a very low percentage since year 2006.
People having trouble with their low score shut down their accounts in order to escape trouble and escalate their score. As we know that different negative items have less value and are not much helpful with the overall credit score. Now we can say that, people having delinquencies and bad debts will also experience a rise in the credit scores.
The impending crisis must not damage your credit scores in any sense, that is, even if you require paying cash to boost your FICO score. A free trial is also available for the people who want to experiment the services before making any payments. There is a good point which explains that credit reports can be checked online, on which the FICO score is usually based. It is the responsibility of the credit bureaus to provide customers a free copy of the annual reports which are issued. After the passage of four months a report can be checked for free. So when was the last time you had checked your scores and report?