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Term Definition FICO Score - A mathematical formula invented by Fair Isaac Corp., used to determine the credit worthiness of an individual and appropriate interest rates.
Application in Divorce Lenders use FICO to determine whether and at what rate of extend credit.

Generally, a FICO score improves the more distance a debt reduction improve the score.

The three major credit reporting agencies are Equifax, Experian and TransUnion. An individual is entitled to a free copy from each of these every year. A FICO score is available for $7.50.

A bad credit rating can make the pain and suffering of divorce even more difficult. In a divorce, it’s best to pay off joint debts.

See Credit Report; CCCS.