July 12, 2008

7/12/2008 12:00:00 AM

Secret Scores that Lenders Keep

1.    Credit Risk Score- Most common score we all know; the FICO score.
2.    Response Score- Predicts the likelihood a consumer will respond to an offer of credit.
3.    Attrition Risk Score- Refers to the likelihood a user will stop using a credit card.
4.    Behavior Score- Provides a snapshot of how a consumer is handling all of his or her credit accounts.
5.    Transaction Score- The scores run each time you use your credit cards to determine whether the transaction should be approved or not.
6.    Collection Score- Shows if you have failed to pay long enough for it to be turned over to collections.