Here is a copy of the risk factor list used to determine a FICO score using the Beacon, Empirica, and FICO II models along with their weighting. This page was supposed to be kept internal and confidential by the lender but somehow ended up in this users closing papers.
This is the list of risk factors that make up a score:
Amounts owed on accounts too high
Level of delinquency on accounts
Too few bank revolving accounts
Proportion of loan balances to loan amounts too high
Too many bank or national revolving accounts
Lack of recent installment loan information
Too many accounts with balances
Too many consumer finance accounts
Account payment history too new to rate
Too many inquiries last 12 months
Too many accounts recently opened
Proportion of balance to credit limits is too high on bank revolving or other revolving accounts
Amount owed on revolving accounts too high
Length of time revolving accounts have been established
Time since delinquency too recent or unknown
Length of time accounts have been established
Lack of recent bank revolving information
Lack of recent revolving account information
No recent non-mortgage balance information
Number of accounts with delinquency
Too few accounts currently paid as agreed
Date of last inquiry too recent
Length of time since derrogatory public record or collection too short
Amount past due on accounts
Number of bank or national revolving accounts with balances
No recent revolving balances
Length of time installment loans have been established
Number of revolving accounts
Number of established accounts
No recent bank card balances
Length of time open installment accounts have been established
Number of consumer finance company accounts established relative to length of consumer finance history
Serious delinquency and public record or collection filed
Lack of recent auto loan information
By signing up a debt counseling session, your provided details (Name, Email ID and Phone No.) will be forwarded to the company advertising on the DebtCC. However, you have no obligation to use their services.
Some creditors and collection agencies refuse to lower the payoff amount, interest rate, and fees owed by the consumer.
Creditors/collection agencies can make collection calls and file lawsuits against the consumers represented by the debt relief companies.
Debt relief services may have a negative impact on the consumer's creditworthiness and his overall debt amount may increase due to the accumulation of extra fees.
The amount which the consumer saves with the use of debt relief services can be regarded as taxable income.