How Credit Scores Work

by Gerri Detweiler

Barry Paperno

Barry Paperno

How do credit scores work exactly? How are they created? How often are they updated? And how do the companies that calculate them decide what goes into them?

In this interview credit scoring expert Barry Paperno explains the basics of how credit scores work and answers some of the most common questions I get about them, including whether the recent economic turmoil is changing the formulas that are used. You’ll hear a very simple explanation of how these all important numbers are developed and hopefully have a better understanding of why they work the way they do.

My guest Barry Paperno has been involved in the credit scoring industry for over two decades. He formerly worked with FICO where he managed the very popular MyFICO forums. More recently he worked as community manager for Credit.com where he launched the Credit.com forums. (Both Barry and I answer questions in the forums, along with other moderators.)

If your goal is better credit, you won't want to miss this important overview of the credit scoring industry. This episode aired live September 8, 2012.

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