Q: I know you say to check credit ratings every six months, especially with the state of today’s economy. Isn’t getting my FICO score as important? — Vic Vigilant

A: Dear Vic: I’m thankful for your question as my research into FICO scoring opened up a brand new window of knowledge.

For readers not familiar with this critical credit scoring system, the Fair Isaac Corp. was developed in 1965 to gauge of an individual’s credit risk. These scores are the most utilized in the world and are available through all the credit reporting agencies. A credit score is a number that helps lenders and others predict how likely you are to make your credit payments on time. Each score is based on the information found in your credit report.

Lenders look at your scores all the time. They look at your scores when deciding, for example, whether to change your interest rate or credit limit on a credit card, or whether to send you an offer through the mail. Having good credit scores makes your financial dealings a lot easier and can save you money in lower interest rates. That’s why they are a vital part of your financial health.

Beginning this month, Trans Union offers the new scoring pattern — FICO 08 — even though 2008 is dead and gone; Equifax introduces its version this spring, and Experian (the best, in my opinion) hasn’t yet declared its introduction date.

While in the past all three agencies assigned scoring figures within a similar range, the difference sometimes kept a consumer at an unfair financial advantage (top figures range from 830 to 934).

FICO 08, unfortunately, may continue this path. For example, before the economy took a nose dive, a 720 score easily meant borrowers lining up three-deep at your front door. On the other hand, that same 720 today means the crowd has scampered on down the street in search of a 750 or higher.

So what’s good about FICO 08?

Well, in the past an overdue library book or parking ticket could stain your good credit reputation. If just one financial problem occurred, you were sunk.

Lt’s say you and your spouse have a joint American Express account. Unfortunately, your sweetheart gets behind on car payments, and Callous Car Co. sends the repo man to ya’ll’s driveway, key in hand.

The “old” FICO punished you, too. This new version, however, eliminates authorized users from harming your own credit rating. On the other hand, those of us who’ve depended on someone else to help build up our own credit will need to develop standing based upon our own merits. Start simple: a gasoline credit card with a $200 limit.

Just think: 90 percent of the largest banks in this country depend on FICOs to decide our creditworthiness. If your FICO score is in the dumps, only an act of God can dig you out.

For more information about FICO 08’s pros and cons, check out www.fairisaac.com.

Ellen Phillips is a retired English teacher who has written two consumer-oriented books. Her Consumer Watch column appears on Saturdays in the Business section of the paper. An expanded version is at www.timesfreepress.com under Local Business. E-mail her at consumerwatch@timesfreepress.com