 what is fico 
FICO (NYSE: FICO) is a software company based in San Jose, California and founded by Bill Fair and Earl Isaac in 1956.Its FICO score, a measure of consumer credit risk, has become a fixture of consumer lending in the United States.he company debuted its first general-purpose FICO score in 1989. Scores are based on credit reports and range from 300 to 850. Lenders use the scores to gauge a potential borrower's creditworthiness. A FICO ® score is a particular brand of credit score. A credit score is a number that is used to predict how likely you are to pay back a loan on time.Credit scores are used by companies to make decisions such as whether to offer you a mortgage or a credit card. credit score is a number that is used to predict how likely you are to pay back a loan on time. Credit scores are used by companies to make decisions such as whether to offer you a mortgage or a credit card. Both the Equifax Credit Score and the FICO Score are general-purpose score models used to predict credit risk. The Equifax Credit Score is a proprietary model created by Equifax. The FICO Score is a proprietary model created by Fair Isaac Corporation (FICO) .All Equifax consumer services and tools make use of the Equifax Credit Score unless otherwise indicated.The Equifax Credit Score uses a numerical range of 280 to 850, where higher scores indicate lower credit risk.The FICO Score uses a numerical range of 300 to 850, where higher scores also indicate lower credit risk.The Equifax Credit Score can be used to calculate a score for not only your Equifax credit file, but also your Experian and TransUnion credit files.he Equifax Credit Score uses a numerical range of 280 to 850, where higher scores indicate lower credit risk. The FICO Score uses a numerical range of 300 to 850, where higher scores also indicate lower credit risk. DEFINITION of 'FICO Score'. A type of credit score that makes up a substantial portion of the credit report that lenders use to assess an applicant's credit risk and whether to extend a loan.FICO is an acronym for the Fair Isaac Corporation, the creators of the FICO score.REAKING DOWN 'FICO Score'. Using mathematical models, the FICO score takes into account various factors in each of these five areas to determine credit risk: payment history, current level of indebtedness, types of credit used and length of credit history, and new credit. FICO ® Scores are calculated from many different pieces of credit data in your credit report. This data is grouped into five categories as outlined below. The percentages in the chart reflect how important each of the categories is in determining how your FICO Scores are calculated.our FICO Scores consider both positive and negative information in your credit report. Late payments will lower your FICO Scores, but establishing or re-establishing a good track record of making payments on time will raise your score. Your FICO Scores only look at information in your credit report. Your credit score is calculated from your credit report. However, lenders look at many things when making a credit decision such as your income, how long you have worked at your present job and the kind of credit you are requesting.our FICO Scores consider both positive and negative information in your credit report. Late payments will lower your FICO Scores, but establishing or re-establishing a good track record of making payments on time will raise your score. FICO ® Scores at each credit bureau. You have FICO ® Scores for each of the three credit bureaus: Equifax, TransUnion and Experian. Each FICO ® Score is based on information the credit bureau keeps on file about you.hen lenders order a credit report, they can also buy a credit score that’s based on the information in the report. A credit score helps lenders evaluate a credit report because it is a number that summarizes credit risk, based on a snapshot of a credit report at a particular point in time. A way of measuring an individual's creditworthiness. A FICO score is a quantification of a variety of factors in an individual's background, including a history of default, the current amount of debt, and the length of time that the individual has made purchases on credit.A FICO score ranges between 350 and 850.In general, a score of 650 is considered a fair credit score, while 750 or higher is considered excellent.. A FICO score is a convenient way to summarize an individual's credit history and is included in a credit report. FICO score ranges between 350 and 850. In general, a score of 650 is considered a fair credit score, while 750 or higher is considered excellent.. A FICO score is a convenient way to summarize an individual's credit history and is included in a credit report. BREAKING DOWN 'FICO Score'. Using mathematical models, the FICO score takes into account various factors in each of these five areas to determine credit risk: payment history, current level of indebtedness, types of credit used and length of credit history, and new credit.REAKING DOWN 'FICO Score'. Using mathematical models, the FICO score takes into account various factors in each of these five areas to determine credit risk: payment history, current level of indebtedness, types of credit used and length of credit history, and new credit. Reasons for your credit score. When a FICO ® Score is calculated from your credit report, the credit reporting agency will also provide up to five reasons that are most heavily influencing that particular score. These reasons are usually negative, because they are the reasons why the credit score isn’t higher.hen lenders order a credit report, they can also buy a credit score that’s based on the information in the report. A credit score helps lenders evaluate a credit report because it is a number that summarizes credit risk, based on a snapshot of a credit report at a particular point in time.
Is a software company based in San Jose, California and founded by Bill Fair and Earl Isaac in 1956.