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In the United States, a credit score is a number based on a statistical analysis of a person's credit files, that in theory represents the creditworthiness of that person, which is the likelihood that people will pay their bills. A credit score is primarily based on credit report information, typically from one of the three major credit bureaus: Experian, TransUnion, and Equifax. Income is not considered by the major credit bureaus when calculating a credit score. There are different methods of calculating credit scores. FICO, the most widely known type of credit score, is a credit score developed by FICO, previously known as Fair Isaac Corporation. It is used by many mortgage lenders that use a risk-based system to determine the possibility that the borrower may default on financial obligations to the mortgage lender. All credit scores have to be subject to availability. The credit bureaus all have their own credit scores: Equifax's ScorePower, Experian's PLUS score, and TransUnion's credit score, and each also sells the VantageScore credit score. In addition, many large lenders, including the major credit card issuers, have developed their own proprietary scoring models. Studies have shown scores to be predictive of risk in the underwriting of both credit and insurance.[15][16][17] Some studies even suggest that most consumers are the beneficiaries of lower credit costs and insurance premiums due to the use of credit scores.[16][18] New credit scores have been developed in the last decade by companies such as Scorelogix, PRBC, L2C, Innovis etc. which do not use bureau data to predict creditworthiness. Scorelogix's JSS Credit Score uses a different set of risk factors, such as the borrower's job stability, income, income sufficiency, and impact of economy, in predicting credit risk, and the use of such alternative credit scores is on the rise. These new breed of credit scores are often combined with FICO or bureau scores to improve the accuracy of predictions. Most lenders today use some combination of bureau scores and alternative credit scores to develop a better insight into their borrower's ability to pay. It is widely recognized that FICO is measure of past ability to pay and that's why new credit scores that focus more on future ability to pay are being deployed to enhance credit risk models. L2C offers an alternative credit score that uses utilities payment histories to determine creditworthiness and many lenders use this score in addition to bureau scores to make lending decisions. Many lenders use Scorelogix's JSS score in addition to bureau scores since the JSS score factors job and income stability to determine if the borrower will have the ability to repay debt in the future. It is estimated that FICO score will remain the dominant score but in all likelihood it will always be used in conjunction with other alternative credit scores which offer new layers of risk insights.
APDec. 16, 2011: Mitt Romney speaks during a rally at Missouri Valley Steel in Sioux City, Iowa.With the last pre-caucus debate in the rearview, the Republican presidential candidates are hitting the ground in a mad dash to meet and greet voters before their minds are made up and they tune politics out.The Fox News debate Thursday night in western Iowa was a critical opportunity for the candidates to make their closing arguments on a host of issues ranging from foreign policy to the economy to sheer electability. The next two and a half weeks will be about the personal touch, as the candidates pack their schedules in Iowa and beyond with visits to every pizza parlor and diner they can find.The second-tier candidates are making a big push. As Texas Gov. Rick Perry set out on a statewide Iowa bus tour, Minnesota Rep. Michele Bachmann followed an aggressive performance at Thursday night's debate with an aggressive schedule of stops at restaurants and coffee shops
've earned the right to try to determine their future. They've earned the right to try to work their way through the issues that they're going to have to confront," he said.Ahead of Panetta's visit, the Obama administration announced it had lifted sanctions the U.S. imposed on Libya in February to choke off the Qaddafi regime's funds while it was violent suppressing peaceful protests. The U.S. at the time blocked some $37 billion in Libyan assets, and a White House statement said Friday's action "unfreezes all government and central bank funds within U.S. jurisdiction, with limited exceptions."Recovery of the assets "will allow the Libyan government to access most of its worldwide holdings and will help the new government oversee the country's transition and reconstruction in a responsible manner," the White House said.But the continuing violence in Libya, including recent skirmishes between revolutionary fighters and national army troops near Tripoli's airport,
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