Point Deduction Technology™
Your credit score is derived by a series of events, credit accounts, and the absence of certain credit accounts. Point Deduction Technology™ will not only help you with understanding your current credit accounts by assigning a number per tradeline but will also show you how many points you may gain by adding certain accounts.
Transrisk Vs. FICO
Different credit scores have different ranges and scales. Each credit score range is further divided into different risk categories. Here is a summary of the most common credit score ranges.
The most commonly used credit score is Fico by Fair Isaac. It is used by more than 90% of creditors and lenders, and dominates the market. Fico scores have many versions. Each of the 3 major credit bureaus (Equifax, Experian & TransUnion) has its own version of Fico called TransRisk/Emperica, Beacon, Pinnacle, Score Power, TransRisk, Fico I, Fico II, & Precision.
In addition, all of the three major credit bureaus distribute their new Vantage Score. While most of the Fico-Based scores have a similar credit score range (with small variations), the Vantage score runs on a completely different credit score scale.
Although ScoreNavigator provides the TransRisk Score with a range 400 to 925 the point deduction technology and target score simulator are actually more important than any credit score issued.
Mortgage scores range from 350 to 850, Fair Isaac developed this more stringent model so the scores issued are generally lower than all other models, for example, a 840 TransRisk Score would be the equivalent to a 720 FICO Mortgage Score.
ScoreNavigator's point deduction technology software was developed to analyze credit account weight determined from the FICO model not from any credit score. Each credit account will have a number assigned from zero upwards along with recommendations to increase your scores from the most stringent to higher score models.
ScoreNavigator suggests you don't put as much emphasis on the score but to focus on the tools provided to help you understand your current credit accounts and the steps necessary to maximize and maintain the highest credit level. This will ultimately allow you to reach and maintain a high credit score.
Score Simulator
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What Is A Credit Score?
Your Credit Score is a number generated by a mathematical Algorithm - An Algorithm is defined as a set of rules for solving a problem in a finite (gathering of possibilities) number of steps, as for finding the greatest common divisor.
Fair Isaac Corp. - FICO™ built the most commonly used Algorithm based on credit data provided to the major credit bureaus, Transunion, Equifax, and Experian. The data comes from creditors on tens of millions of people. Your credit data is cross referenced to the tens of millions of peoples credit data and a number (credit score) is assigned. This number determines the probability on how likely you are to pay your bills on time.
Point Deduction Technology™
Point Deduction Technology™ is a software program designed to analyze your credit data. Credit scores range from 350 to 850 leaving the possibility of capturing up to 500 points.
The software recognizes many factors used in credit scoring and assigns a point deduction number per item on a credit report. The assigned numbers will range from 0 to 100+ depending on the type of accounts reported.
The analysis separates the short term and long term point deductions, posting recommendations to recover the necessary points to increase a credit score.
Score Simulator
The Score Simulator is an innovative product allowing you to enter a target score and based on credit data will provide a plan to achieve the score.
The Score Simulator extracts your credit data and adds the assigned point deductions. This information, along with the ability to change the status of each account, allows you to build a plan through several scenarios enabling you to capture and/or build points.
It's important to be provided with necessary recommendations in order to maximize your score.
Transrisk Vs. FICO
Different credit scores have different ranges and scales. Each credit score range is further divided into different risk categories. Here is a summary of the most common credit score ranges.
The most commonly used credit score is Fico by Fair Isaac. It is used by more than 90% of creditors and lenders, and dominates the market. Fico scores have many versions. Each of the 3 major credit bureaus (Equifax, Experian & TransUnion) has its own version of Fico called TransRisk/Emperica, Beacon, Pinnacle, Score Power, TransRisk, Fico I, Fico II, & Precision.
ScoreNavigator Advantages
Before applying for credit, insurance, or employment check your credit and score first.
ScoreNavigator will provide:
1. Credit Report with Score
2. Point Deduction Technology™ detailing the accounts affecting your score the most.
3. Posted Short Term & Long Term Recommendations
4. Target Score Simulator - Simply enter your desired score and follow the steps to increase the score.
5. Money Simulator - Enter dollar amounts to find out how many points you can gain.
6. Highlights on your report where most errors occur.
7. Customer Support
