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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.
POWELL, Wyo. A 19-year-old college student accused of swiping a doughnut in Wyoming is going to be paying a pretty penny for that pastry.The Northwest Trail reports (http://bit.ly/xBo6cS) that Zach O'Dell has agreed to pay a $200 fine, $10 in court costs and 79 cents to cover the cost of the doughnut.O'Dell was accused of eating the treat in Blair's Market in Powell on Nov. 28 and leaving without paying for it. He was charged with shoplifting.Attorney Sandra Kitchen says she has deferred the prosecution, and the charge will be dismissed in six months if O'Dell stays out of trouble.The Trail reports that O'Dell declined to comment.The Northwest College student has been studying criminal justice.
to an unpredictable situation at Fukushima Dai-ichi nuclear plant, where there has been an accident, and this report outlines a summary of that unpredictable situation," says the document, written by Shunsuke Kondo, head of the commission, which oversees nuclear policy.After Kan received the report, he and other Japanese officials publicly insisted that there was no need to prepare for wider-scale evacuations.Rumors of the document grew this month after media reports outlined its findings and an outside panel was created to investigate possible coverups. Kyodo News agency described the contents of the document in detail on Saturday.The government continues to refuse to make the document public. The AP obtained it Wednesday through a government source, who insisted on anonymity because the document was still categorized as internal.Goshi Hosono, the Cabinet minister in charge of the nuclear crisis, implicitly acknowledged the document's existence earlier this m