Financial Education

Fair Isaac & Co, or FICO, is a generic term for a credit bureau score and refers specifically to model used by FICO.  There are other statistical models, however, FICO is the most widely known.

Credit scoring has become widely accepted by lenders as a reliable means of credit evaluation.  The credit score condenses borrowers credit history into a single number.  FICO and the credit bureaus don’t reveal the exact methodology for computing the numbers. 

FICO scores vary from 375-900 points.  The higher, the better.  To get the best interest rates, you generally need to score 680 or higher.  Someone with higher than 680 is considered to have “A” credit.  If you score below 620, you will generally pay a higher interest rate on your mortgage and your credit is considered “sub-prime.” If your score is between 620 and 680, the lender may decide which category you belong based on factors such as income, assets, payment history, etc. 

Maximizing the Web’s convenience, accuracy and speed, IRS.gov -IRS’s web site- now assists millions of individual taxpayers, tax professionals, and small business owners to better understand and meet their tax responsibilities.

Updated Virtual Small Business Tax Workshop

The IRS’s Virtual Small Business Tax Workshop is an interactive resource to help small business owners learn about their federal tax rights and responsibilities. This dynamic educational product, available online and on CD 24/7 from your computer, consists of nine stand-alone lessons that can be selected and viewed in any sequence. A bookmark feature makes it possible to leave and return to a specific point within the lesson. Users also have access to a list of useful online references that enhance the learning experience by allowing them to view references and the video lessons simultaneously.