FICO score

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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 ?
Under the new program, a mobile provider that purchases FICO Scores on its customers whose equipment installment plans are being securitized can share summary statistics regarding the FICO Score distribution with third parties as part of the securitization performance documentation made available to rating agencies and investors.
Thats why we integrated a customers FICO Score with their mobile banking experience so checking their credit health is as easy as checking their account balance.
They find that households with the lowest FICO scores, which also typically have the lowest amount of available credit, are the most responsive to increases in credit limits.
FICO (NYSE: FICO) said it has expanded its Score Open Access program to provide FICO scores to the one million financially challenged consumers who need credit and financial guidance.
According to the SPFC release, Fannie Mae says loans with a FICO score of less than 620 currently account for only 1 percent of its business.
Lenders now frown upon those with scores in the high 600s, today it typically takes a 700/720 FICO score to obtain a mortgage.
95), who says "the truth of the matter is, you will get the highest FICO score if you pay off the entire balance each month.
The FICO score is a mathematical formula that takes into consideration the customer's payment history, amounts owed, length of credit history, new credit and types of credit.
With banks accelerating their adoption of FICO Score 9, we felt the time had come to make the score available directly to consumers.
com include six versions of the FICO score from TransUnion, six versions from Equifax, and seven versions from Experian.