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Your Credit Score is a number generated by a mathematical Algorithm - An Algorithm is defined as a set of rules for solving a problem in a finite (gathering of possibilities) number of steps, as for finding the greatest common divisor.
Fair Isaac Corp. - FICO™ built the most commonly used Algorithm based on credit data provided to the major credit bureaus, Transunion, Equifax, and Experian. The data comes from creditors on tens of millions of people. Your credit data is cross referenced to the tens of millions of peoples credit data and a number (credit score) is assigned. This number determines the probability on how likely you are to pay your bills on time.
Point Deduction Technology is a software program designed to analyze your credit data. Credit scores range from 350 to 850 leaving the possibility of capturing up to 500 points.
The software recognizes many factors used in credit scoring and assigns a point deduction number per item on a credit report. The assigned numbers will range from 0 to 100+ depending on the type of accounts reported.
The analysis separates the short term and long term point deductions, posting recommendations to recover the necessary points to increase a credit score.
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