FICO Credit Score Information Released | Car Loan Pal

Recently FICO revealed some important factors that impact a credit score. This is important because for years most of the score information has been a closely guarded secret. Consumers can now see examples of how common mistakes can lower their credit score.

Information on the credit mistakes and how they lower a credit score can be found here.

FICO Reveals How Common Credit Mistakes Affect Credit Scores

The article clearly demonstrates how these mistakes cost consumer money on loans such as mortgages and car loans. A 30 day late payment can cause almost a $40+ increase in monthly car loan payments (for future loans) as a result of the lowered credit score.