FICO (Fair Isaac Corporation), originally Fair, Isaac and Company, is a data analytics company based in San Jose, California focused on credit scoring services. It was founded by Bill Fair and Earl Isaac in 1956. The FICO Score helps lenders make accurate, reliable and fast credit risk decisions across the customer lifecycle. The credit risk score rank-orders consumers by how likely they are to pay their credit obligations as agreed. The most widely used broad-based risk score; the FICO Score plays a critical role in billions of decisions each year.
FICO scores are available through all of the major consumer reporting agencies in the United States: Equifax, Experian, and TransUnion. FICO scores are also offered in other markets, including Mexico and Canada, as well as through the fourth US credit reporting bureau, PRBC.
The classic FICO score is between 300 and 850 and is comprised of the following:
- 35%–Payment history;
- 30%–Debt burden;
- 15%–Length of credit history;
- 10%–Types of credit used;
- 10%–Recent searches for credit.
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