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In the United States, a credit score is a number based on a statistical analysis of a person's credit files, that in theory represents the creditworthiness of that person, which is the likelihood that people will pay their bills. A credit score is primarily based on credit report information, typically from one of the three major credit bureaus: Experian, TransUnion, and Equifax. Income is not considered by the major credit bureaus when calculating a credit score. There are different methods of calculating credit scores. FICO, the most widely known type of credit score, is a credit score developed by FICO, previously known as Fair Isaac Corporation. It is used by many mortgage lenders that use a risk-based system to determine the possibility that the borrower may default on financial obligations to the mortgage lender. All credit scores have to be subject to availability. The credit bureaus all have their own credit scores: Equifax's ScorePower, Experian's PLUS score, and TransUnion's credit score, and each also sells the VantageScore credit score. In addition, many large lenders, including the major credit card issuers, have developed their own proprietary scoring models. Studies have shown scores to be predictive of risk in the underwriting of both credit and insurance.[15][16][17] Some studies even suggest that most consumers are the beneficiaries of lower credit costs and insurance premiums due to the use of credit scores.[16][18] New credit scores have been developed in the last decade by companies such as Scorelogix, PRBC, L2C, Innovis etc. which do not use bureau data to predict creditworthiness. Scorelogix's JSS Credit Score uses a different set of risk factors, such as the borrower's job stability, income, income sufficiency, and impact of economy, in predicting credit risk, and the use of such alternative credit scores is on the rise. These new breed of credit scores are often combined with FICO or bureau scores to improve the accuracy of predictions. Most lenders today use some combination of bureau scores and alternative credit scores to develop a better insight into their borrower's ability to pay. It is widely recognized that FICO is measure of past ability to pay and that's why new credit scores that focus more on future ability to pay are being deployed to enhance credit risk models. L2C offers an alternative credit score that uses utilities payment histories to determine creditworthiness and many lenders use this score in addition to bureau scores to make lending decisions. Many lenders use Scorelogix's JSS score in addition to bureau scores since the JSS score factors job and income stability to determine if the borrower will have the ability to repay debt in the future. It is estimated that FICO score will remain the dominant score but in all likelihood it will always be used in conjunction with other alternative credit scores which offer new layers of risk insights.
Justin Timberlake (Reuters)Justin Timberlake was named creative director at Callaway Golf Thursday in an effort to attract young golfers to the sporting brand.An enthusiastic golfer, Timberlake, 30, owns and operates a golf course with his parents near his hometown of Memphis, Tenn."Justin is an extremely gifted artist, an avid golfer with a deep passion for Callaway products and his creative energy will serve us well as we connect with the next generation of golfers," said Jeff Colton, Sr., Vice President of Global Brand and Product at Callaway Golf.Follow FOX411 on Twitter.The Grammy Award-winning singer has also hosted the Shriners Hospitals for Children Open PGA Tour event in Las Vegas since 2008.Timberlake's two solo albums have sold over 18 million copies. He has also made his foray into Hollywood with roles in "The Social Network" and "Friends with Benefits."Friend FOX411 on Facebook.
once strictly farming town that has gone through changes in the last 20 years as young families moved in. Delaney said the town used to have a population of about 117 but now is closer to 100. Young said the town has become more of a bedroom community from which people commute north to cities such as Joliet, about 45 miles away.Delaney said the town is not prosperous and has received help from the state. "It's always really had a hard time. Most of the people are retired or farmers who moved into town," he said.Young said he did not know the family well."We've seen the kids playing at the playground and talk to them," Young said. "We thought everything was fine."