| Most people are curious about their FICO rating and | | | | compare the number given on the simulator to your |
| wonder how it is calculated. The exact formula for | | | | actual FICO, the numbers will be within the same range. |
| calculating this rating is not known. However, an online | | | | You should not take this information to a financial |
| credit score simulator will give you a great estimate of | | | | institution or a bank requesting a loan or credit. This tool |
| what your score is. | | | | is for personal use, and is designed to give individuals |
| Everything that the financial bureaus use to determine | | | | an idea of their financial worthiness. |
| your FICO is on your actual credit report. Therefore, if | | | | All of the three reporting agencies use a formula |
| you have a copy of the report, you have all of the | | | | similar to the score simulator. Have you ever noticed |
| information needed to get your rating. The Fair Credit | | | | that each of the reporting agencies have a different |
| Transactions Act was passed and allows people one | | | | number for your FICO score? This is because they all |
| free copy of their report each year. One can be | | | | use different variables. While your results may show |
| requested from Equifax, Trans Union and Experian. | | | | 660 at Experian, it may be 668 at Equifax and 640 at |
| Each one of these agencies will provide you with a | | | | Trans Union. It is rare that the numeric results match. |
| free report, giving you three reports. | | | | Score simulators also provide feedback as well on |
| After you obtain your copies, you can successfully use | | | | how you can actually improve your finances. This is an |
| a score simulator to determine your FICO. You will first | | | | additional benefit that can be a great way of learning |
| put in the requested information. It is important to make | | | | specifically what you can do to improve your score |
| sure that the information that you are entering is | | | | based on your current rating. Simulators will also allow |
| accurate so that you can receive the most accurate | | | | you to play with the data allowing you to view how |
| results. | | | | certain actions will affect your score. |
| The simulator will give you an approximate rating | | | | Online score simulators are great tools for finance |
| based on the information that you have entered. The | | | | management. They are very useful and are available |
| score is not 100% accurate, but you will find that if you | | | | to anyone with access to the web. |