FICO score

(redirected from FICO Credit Score)

FICO score

Credit scoring model developed by the Fair Issac Corporation.

FICO Score

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. The term comes from the Fair Isaac Corporation, which created the system.

FICO score.

Created by the Fair Isaac Corporation, FICO is the best-known credit scoring system in the United States.

Based on the information in your credit report, your FICO score is calculated using complex, proprietary formulas that weigh the amount of debt you carry relative to your available credit, the timeliness of your payments, the type of debt you carry, and a great many other factors to assign you a credit score between 300 and 850.

The top 20% of credit profiles receive a score over 780 and the lowest 20% receive scores under 620. Lenders use your credit score to assess your credit risk, or the likelihood that you will default on a loan and offer the best -- or lowest -- interest rates to credit applicants with the highest scores.

The Equal Credit Opportunity Act (ECOA) prohibits factors such as race, color, gender, religion, national origin, or marital status from being considered in any credit scoring system, including FICO.

Fair Isaac Company (FICO) score

A credit score, based on the name of the company that wrote the software that calculates the scores.

FICO Score

See Credit Score.

References in periodicals archive ?
In the past, more than 15%or approximately 20 million Americans have FICO credit score below 600.
the company that developed and markets the FICO credit score, has rolled out a new subscription service that it said will help credit unions better measure borrower risk in the current economy.
The FICO credit score is used to make billions of credit decisions each year, including more than 75 percent of mortgage loan originations.
We have single moms and other couples out there with kids, trying to find a place to live," Jakubaitis explains, "and they're denied occupancy because of a low FICO credit score.
FICO 08 also includes provisions that will -- among other things -- reduce the negative impact of collections under $100 on an individual's FICO credit score and increase the negative impact of multiple late payments.
The weighted average FICO credit score is approximately 731.
Visiting consumers see a comparison of interest rates offered by these lenders for five different mortgage products, all matched to the consumer's FICO credit score or suggested score range.
The weighted average original FICO credit score of the loans is 735.
The company is the creator of the FICO credit score, which is used by most lenders.
creators of the FICO credit score, has revised its FICO 08 scoring formula.
myFICO's Loan Center provides an online "one-stop shop" for consumers to obtain their FICO credit scores and related information and apply it to pursue personal financial goals such as purchasing a home or refinancing a mortgage.
The site now features an article showing the difference between hard and soft credit inquiries and another explaining FICO credit scores and their meanings