| Fair Isaac Corporation created FICO scores. There are many different versions of the FICO score based on different scoring models. FICO scores use information in your credit report to help determine your likelihood of paying bills on time. Lenders often use FICO scores to help decide if they will extend credit to consumers. Show
FICO scores, as well as credit scores other companies calculate using different models, can predict similar types of risk. It's important to remember that because different FICO scores and other credit scores were created using different scoring models, the scores may not be identical. Different credit score models have different formulas and calculations (often called algorithms) that use data differently to help predict a person’s likelihood to repay bills on time. Although FICO has many different scoring models, it uses relative percentage weights to help determine how much impact certain factors will have in helping determine a FICO credit score. The main categories considered are a person’s payment history (35%), amounts owed (30%), length of credit history (15%), new credit accounts (10%), and types of credit used (10%). FICO scores are available from each of the three major credit bureaus, based on information contained in consumers’ credit reports. Because there are different FICO scoring models and different credit bureaus, consumer credit scores may differ depending on which bureau's credit report and which FICO score model is used. When you apply for credit - whether for a credit card, a car loan, or a mortgage - lenders want to know what risk they’d take by loaning money to you. FICO scores are the credit scores most lenders use to determine your credit risk. You have three FICO scores, one for each of the three credit bureaus - Experian, TransUnion, and Equifax. Each score is based on information the credit bureau keeps on file about you. As this information changes, your credit scores tend to change as well. Your 3 FICO scores affect both how much and what loan terms (interest rate, etc.) lenders will offer you at any given time. Taking steps to get your FICO scores in the higher ranges can help you qualify for better rates from lenders. The FICO® Score is used by lenders to help 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. Improved predictive power, including trended data, without sacrificing the familiar FICO® Score user experience. FICO solutions offer a wide range of capabilities, empowering you to make smarter, personalized decisions, streamline operations, and improve the customer experience. check FICO® Scores provide a consolidated view of how consumers repay credit obligations, including accounts held by other lenders. The scores are empirically built using consumer bureau data from millions of consumers. FICO Scores are updated regularly to reflect changes in consumer behavior and lending practices. check FICO® Scores are highly predictive measures of applicant and customer risk. Credit grantors can better determine, for example, which consumers to target, how much credit to extend, and whether to raise a credit line. check A FICO® Score is generated using multiple scorecards, with each scorecard tuned to assess risk for a specific consumer segment — for instance, consumers with serious delinquencies. To streamline model updates, scorecards are aligned to reflect similar risk across FICO scoring systems and releases.
- Alfred Furth, Capital Services
The score you know and trust with more power and flexibility than ever.  check FlexibleGain all the benefits of new innovations, backward compatibility with prior FICO® Score versions eases adoption. check PowerfulUse the FICO® Score that best captures today’s consumer credit behavior and grow portfolios responsibly. check TrustedAlways safe and sound, the most widely used and trusted credit risk score for responsible lending decisions helps lenders comply more easily and confidently with existing US regulations. check FICO® Score 10 SuiteThe FICO® Score 10 suite outperforms all prior FICO® Scores, offering the precision you need based on a proven scoring blueprint. Now featuring FICO® Score 10 T which integrates trended data. The choice is yours. See how you can make your business goals a reality and overcome your toughest challenges with a solution trusted by leading organizations worldwide. check FICO® Scores help lenders make consistent, unbiased risk decisions, and support compliance with national, local, and global regulatory requirements, such as Basel II. FICO works to ensure the scores are understood and accepted by regulators worldwide. check The FICO® Score is used by Fannie Mae and Freddie Mac. It is used by rating agencies including Standard & Poor's and Fitch IBCA in the securitization of industry loan pools into bond securities. check A FICO® Score comes with reason codes that indicate why the score was not higher. These support regulatory compliance and communication with consumers so they can improve their credit standing over time. Latest news about FICO Score. View all news FICO Works to Keep Credit Flowing During Uncertain Economic TimesRead more keyboard_arrow_rightLearn more about how FICO solutions can drive better decisions and better results for your customers and your organization. Strengthen customer relationships and increase profitability.
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Innovation Never Sleeps: Why We Redevelop the FICO ScoreFICO Score 10 Suite gives lenders unparalleled flexibility and predictive power to make even more precise lending decisions How do I find out what my FICO score is?If your bank is on board, you can generally check your FICO Score by logging onto your online banking portal. Click here for a list of lenders participating in the FICO® Score Open Access program. Credit card companies – If you carry the right kind of plastic, you may be able to get your FICO Score for free.
How can I get my true FICO score for free?Experian. Experian is the only major credit bureau that offers consumers their FICO 8 scores for free along with their Experian credit reports.
What is the difference between a credit score and a FICO?Is "credit score" the same as "FICO® score"? Basically, "credit score" and "FICO® score" are all referring to the same thing. A FICO® score is a type of credit scoring model. While different reporting agencies may weigh factors slightly differently, they are all essentially measuring the same thing.
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