What is FICO?

FICO stands for Fair Isaac Corporation, a leading data analytics company that provides credit scores. FICO is not a credit bureau itself; rather, it develops the credit scoring models that are widely used by credit bureaus and lenders to evaluate an individual's creditworthiness. The FICO credit score is a three-digit number that summarizes an individual's credit history, helping lenders assess the risk of extending credit. FICO scores range from 300 to 850, with higher scores indicating better creditworthiness. These scores are based on various factors like payment history, debt levels, credit mix, length of credit history, and recent credit activity. Through their credit scoring technology, FICO helps lenders make informed decisions, enables consumers to understand their credit health, and facilitates fair access to credit for individuals.