The Things That are NOT Considered in a FICO Score
These days it seems like everything in our life has something to do with our credit score. But, there are some things that are prohibited from being reviewed when considering a person for credit. Some of the items that are not considered in your credit report include sex, race, single or divorced, your ethnicity, nationality, and religion. In addition to these items, whether or not a person had received any public assistance is not to be included in your credit report when being considered for a loan.
Other factors that are not to be considered in your FICO score include age or location of residence. Also, even though a FICO credit score or credit report may indeed affect a person's chances of getting a particular job, employment history information including salaries, dates of employment, professions, job titles and employers' names will not be included in the credit report.
In the case that employers do check a job applicant's credit, it is important to note that this type of credit inquiry does not affect the person's credit score. In addition, when your credit is inquired upon by other credit card companies offering "pre-approved" credit offers, this type of inquiry doe not impact your credit score unless you actually fill out the credit application and have your credit report accessed in order to open a new line of credit.
Rent has been another issue when considering credit scores as they normally would not affect a person's credit score unless any item such as a delinquent payment has been reported to collections. As unfair as it may seem to some individuals, making payments to your landlord in most cases will not be reflected on your credit report. Also, just like rental payment situations in regards to how they affect our credit scores, child support affects your credit score in a similar way. If a person does not pay their child support payments and I categorized as "in arrears", which simply means behind in payments, then in this case the person's credit score will most likely be affected by the delinquent child support payments.
Credit scores and credit reports are a tool used for lenders to calculate how much risk they will be taking if they provide financing for that particular person. The FICO score allows an individual to be represented in the fairest way with only those factors which could affect a person's ability to pay back a loan being considered. This process allows lenders to make quicker decisions based on the actual information they require at a moments notice which provides many benefits to you, the potential borrower, such as lower interest rates, lower fees and not to mention a quick, fair answer to whether or not financing can be obtained and what types are available based on your credit history and relevant information.