You need to learn the language in order to understand the game. The terms “Credit Score,” “Credit Rating,” and “FICO Score” are all used interchangeably. FICO is an acronym for Fair Isaac Corporation, the company that originally developed the “score” method of rating credit histories.

There are three major reporting companies, Experian, Equifax and TransUnion, each report their own credit scores. Different lenders use various factors to interpret the various scores but the only point is to determine whether you pay your bills and pay on time which would give future creditors an indication that they could expect on time payments. The more responsible you are with credit, the higher your score will be.

 
This information is provided in an effort to help you gather and organize the information necessary to file your individual or small business income tax return. While these financial tools are not a substitute for financial advice from a qualified professional, they can be used as a starting point in your decision making process.