I have heard that a collection on your credit report can drop your score as much as 80pts... Is this true? I am looking for a website with a breakdown of how much say a late payment on a credit card will drop your score
2006-10-01 16:02:14 · 3 answers · asked by tzarinasdance 2 in Business & Finance ➔ Credit
There are different scoring models. Here are a couple sites with good information, but different agencies have their own very complex standards.
2006-10-01 16:14:26 · answer #1 · answered by just♪wondering 7 · 0⤊ 0⤋
The formula isn't that direct - and the algorithm for your FICO score is a closely held secret, although some claim to "know", GMAC worked with FICO for years to develop these formulas, and there are dozens and dozens of elements which determine score, some of which you would be surprised at.
2006-10-01 23:05:09 · answer #2 · answered by Anonymous · 0⤊ 0⤋
All of that is explained on the actual credit report itself.
2006-10-02 05:22:07 · answer #3 · answered by kamsmom 5 · 0⤊ 0⤋