His bill would entitle consumers to one free credit report, including the score, from each credit bureau every year. Prospects for passage this congressional session are uncertain with only a few weeks remaining before lawmakers adjourn for the year. Several models are used for determining credit scores, and lenders choose the ones they prefer. Perhaps the most common, known as the FICO model for the company that developed it, Fair, Isaac and Co. Inc., rates consumers as credit risks on a scale from around 300 to 900. The criteria for rating consumers include past payment history of all types of accounts, incidences of delinquent payments, amount of money owed to creditors in relation to income, and length of time credit has been established.
Late payments can lower a consumer's score, while a good record of paying on time can raise it.
Companies that devise the scores say they don't take into account a consumer's gender, ethnic group, marital status, religion or nationality. Associated Press content is Copyrighted by The Associated Press.