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.
While an estimated 160 million Americans have documented credit histories adequate for calculating classic FICO credit scores, an estimated 50 million consumers do not.
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.
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
NET, which utilizes credit piggybacking to improve clients' FICO credit scores, was of the opinion that ignoring authorized user accounts in an individual's credit report was illegal -- and Congress, the Attorney General, and the FTC agreed.
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.
Unlike credit repair agencies WECOSIGN will offer immediate and affordable assistance to people with low FICO credit scores seeking rental property.
SAN FRANCISCO, March 29 /PRNewswire/ -- Marking the start of a significant new effort to improve the financial literacy level of America's college students, Visa USA today announced the national launch of its What's My Score program, which includes giving away 5,000 free FICO credit scores.
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,