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which score we should monitor? what is fico?

I have some confusion…it says you can have 3 credit score and it also says check myfico.com …myfico is 4th credit score or what? or its like all 3 credit bearau is using fico score?..please explain
also tell me which is cost effective website to monitor your score as well as get unlimited online reports from all 3 bearaus?…I know about annualcreditreport so dont suggest that..it doesnt tell you your score..it gives only reports correct?
what is your opinion about bankofamerica privacy assist premier which cost 12.95us$ a month?

A FICO score is a credit score developed by Fair Isaac & Company. Credit scoring is a method of determining the likelihood that credit users will pay their bills. Fair, Isaac & Company and the credit bureaus do not reveal how these scores are computed. The Federal Trade Commission has ruled this to be acceptable.

Credit scores analyze a borrower’s credit history considering numerous factors such as:
* Late payments
* The amount of time credit has been established
* The amount of credit used versus the amount of credit available
* Length of time at present residence
* Negative credit information such as bankruptcies, charge-offs, collections, etc.

FICO scores / Credit Scores can be obtained from any of the three Credit bureaus – Experian, Trans Union and Equifax.

A recent amendment to the federal Fair Credit Reporting Act requires each of the nationwide consumer reporting companies – Equifax, Experian, and TransUnion – to provide you with a free copy of your credit report, at your request, once every 12 months.

I hope the information provided is useful to you.

Regards…………….

Credit Monitoring Tip – A New Way to Use AnnualCreditReport.com