Equifax Credit Reporting System
2010
How is the Equifax report put together?
Does anybody have any knowledge of the details of the Equifax report system? I recently got my FICO score, and the report states ‘Factors’ for why a score is what it is. My score is relatively high at 799, but the report only lists a single factor for the score not being higher (Revolving credit too high, which makes no sense considering I have no balance on those accounts, but in any event…).
But the report also discusses how various reasons can impact the score, and mentions that it is very rare to see only a single factor.
So my question is: does anyone have enough background with their system to explain why a person would only have one item that impacts the score? Does it just mean the score is high enough that other factors have gone by the wayside, or is it just a matter of the specifics of a person’s credit record itself, the complexity or lack thereof?
Just curious.
Check this explanation of FICO: http://www.myfico.com/CreditEducation/WhatsInYourScore.aspx.
When it comes to FICO, anything over 750 pretty much qualifies for the best rates. Your report probably had to enter something in that space and that was the only factor left.
What Kind of Accounts are on Your Credit File?
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