In This Chapter
• What’s in a FICO score
• How each component of the FICO score is weighed
• How to obtain FICO scores free of charge
• Fixing mistakes on your credit report
• Some ways to bump up your credit score
Before you take a journey through the P2P lending world, you need a really good grip on FICO scores, also called credit scores. What’s that, you say? The Fair Isaac Corporation invented the FICO score. You need to understand FICO scores in order to understand how interest rates work on P2P lending sites.
When you understand how FICO scores work, you can work on getting the best interest rate for yourself when you borrow money. And if you’re lending money, this knowledge is equally important. Choosing an appropriate ...