What is a FICO Score? FICO stands for Fair Isaac Corporation. Fair Isaac Corporation was one of the first companies to develop a method for calculating consumer credit scores based on information collected by credit reporting agencies.
The FICO score is a numerical representation of your creditworthiness. While there are other credit scoring models available, such as VantageScore, the FICO score is considered the most widely known. It’s used by many major banks and lenders to evaluate a borrower’s credit risk when making lending decisions.
Your FICO score is calculated using a complex formula that takes various factors into account. The following factors each help determine your FICO score to some degree: Payment history, credit utilization, length of credit history, types of credit used and new credit inquiries. With our services at Credit.CC, you can view all of your accounts in one convenient dashboard and be able to review your FICO credit score as well.
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