FICO score

What is FICO?

The name comes from the Fair Isaac Corporation, which developed the FICO scoring model. FICO is an acronym that stands for the “Fair Isaac Corporation.” FICO is the analytics firm that developed the credit scoring system used by many lenders in the United States. FICO is not a credit bureau like EquifaxExperian, and TransUnion.

What is a FICO score?

A FICO score is a credit score developed by FICO. It uses only information found in credit reports and predicts the likelihood that a person will pay his or her debts.

How FICO scores are used

FICO scores help lenders predict consumer behaviors, such as the likelihood of managing credit lines, paying debts on time, and forecasting potential bankruptcy.

FICO credit scores are the most commonly used credit score. The scores use only information from credit reports.

FICO scores can range from 300 to 850. The higher your credit score, the more likely you’ll be approved for loans and receive lower interest rates.