FICO Reveals How Common Credit Mistakes Affect Scores

Disclosed for the 1st time, ‘damage points’ taken off for late payments

The greater transparency about FICO scores is important because American consumers’ ability to get credit rises and falls with the number. FICO, the company that pioneered credit scoring, assigns consumers a three-digit number from 300 to 850, depending on how well they handle credit.

Some of the more common “mistakes” and debt management tips…