FICO score

(redirected from FICO Credit Scores)

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 ?
The Fair Isaac Corporation or most known as FICO credit scores, which are sold directly to consumers using Equifax and Transunion, are dropping each and every month.
In the past, more than 15%or approximately 20 million Americans have FICO credit score below 600.
While an estimated 160 million Americans have documented credit histories adequate for calculating classic FICO credit scores, an estimated 50 million consumers do not.
The company is the creator of the FICO credit score, which is used by most lenders.
com, allows visitors to compare national and local lenders' rates offered to people in their area who have FICO credit scores similar to their own.
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.
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.
A unique feature of the brochure is examples of how two different consumers use credit and how their use influences their FICO credit scores over time.
com, allows visitors to compare national and local lenders' rates currently being offered to people in their area who have FICO credit scores similar to their own.
After Pioneering Consumer Access, Explanation of FICO Credit Scores,
The kit shows people exactly how important the FICO credit score is for bringing wealth into their homes - the higher the score, the lower their interest rates and the more cash they have to buy a house or car or pay down debts.