ECONOMICS
CREDIT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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True
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False
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Either A or B
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None of the above
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Detailed explanation-1: -While other credit scoring systems exist, the FICO Score is by far the most commonly used.
Detailed explanation-2: -FICO scores are the most widely used credit scores in the U.S. for consumer lending decisions. There are multiple FICO credit scoring models, each of which uses a slightly different algorithm.
Detailed explanation-3: -FICO ® Scores are the most widely used credit scores-90% of top lenders use FICO ® Scores. Every year, lenders access billions of FICO ® Scores to help them understand people’s credit risk and make better–informed lending decisions.
Detailed explanation-4: -FICO Scores are trusted to be a fair and reliable measure of whether a person will pay back their loan on time. By consistently using FICO Scores, lenders take on less risk, and you get faster and fairer access to the credit you need and can manage.
Detailed explanation-5: -If you’ve ever wondered “do other countries have credit scores?” the answer is yes, other countries besides the United States have credit scores. Assessments of creditworthiness, however, can differ across the globe, and you may be surprised how someone’s creditworthiness is determined.