FICO Credit scores and the Fair Credit Reporting Act (FCRA)
1. The most widely used credit score is the FICO Score, the credit score system created by the Fair Isaac Corporation.
2. Lenders use the FICO Score to help them make billions of credit decisions every year.
3. Fair Isaac calculates the FICO Score based solely on information in consumer credit reports maintained at the credit reporting agencies.
4. The Fair Credit Reporting Act (FCRA) requires Equifax, Experian, and TransUnion (credit- reporting agencies) to provide you with a free copy of your credit report once per year.
5. FICO Credit scores have five factors Payment History, Outstanding Debt, Length of your Credit History, Recent Inquiries on Your Report, Types of Credit in Use.
6. How to improve your fico score Request a free copy of your credit report and check it for mistakes, such as incorrect late payments and balances.
7. Make sure that you pay your bills on time.
8. Consider setting up automated payments or payment reminders if you continue to have problems paying your bills on time.
9. Stop using your credit cards and start paying them off.
10. Don't close credit cards once they are paid off and don't apply for credit cards unnecessarily.
11. Refrain from using your credit cards again until they are paid off and you know how to use them.
12. Learn how to manage your finances in a positive way that increases your FICO Score and gets you into a more positive position.

Bibliography: ITT Tech.Virtual Library; Google; wikiPedia…