FICO Score
Jump to navigation
Jump to search
A FICO Score is a American credit score produced by FICO.
- …
- Example(s):
- a score of 773.
- See: Credit Score, Creditworthiness.
References
2020
- (Wikipedia, 2020) ⇒ https://en.wikipedia.org/wiki/Credit_score_in_the_United_States#FICO_score Retrieved:2020-6-4.
- The FICO score was first introduced in 1989 by FICO, then called Fair, Isaac, and Company.[1] The FICO model is used by the vast majority of banks and credit grantors, and is based on consumer credit files of the three national credit bureaus: Experian, Equifax, and TransUnion. Because a consumer's credit file may contain different information at each of the bureaus, FICO scores can vary depending on which bureau provides the information to FICO to generate the score.
... Credit scores are designed to measure the risk of default by taking into account various factors in a person's financial history. Although the exact formulas for calculating credit scores are secret, FICO has disclosed the following components:[2][3]
- The FICO score was first introduced in 1989 by FICO, then called Fair, Isaac, and Company.[1] The FICO model is used by the vast majority of banks and credit grantors, and is based on consumer credit files of the three national credit bureaus: Experian, Equifax, and TransUnion. Because a consumer's credit file may contain different information at each of the bureaus, FICO scores can vary depending on which bureau provides the information to FICO to generate the score.
- ↑ "Our History". FICO. http://www.fico.com/en/about-us/history/.
- ↑ "How Are Credit Scores Calculated? Learn What Affects Your Credit Score". myFICO.com. http://www.myfico.com/CreditEducation/WhatsInYourScore.aspx. Retrieved 2010-01-19.
- ↑ Dayana Yochim. "How Lenders Keep Score". TheMotleyFool. http://www.fool.com/ccc/check/check02.htm. Retrieved 2008-02-29.
2019
- https://www.myfico.com/credit-education/credit-scores
- QUOTE: Most credit scores have a 300-850 score range. The higher the score, the lower the risk to lenders. A "good" credit score is considered to be in the 670-739 score range.
Credit Score Ranges Rating Description <580 Poor This credit score is well below the average score of U.S. consumers and demonstrates to lenders that the borrower may be a risk. 580-669 Fair This credit score is below the average score of U.S. consumers, though many lenders will approve loans with this score. 670-739 Good This credit score is near or slightly above the average of U.S. consumers and most lenders consider this a good score. 740-799 Very Good This credit score is above the average of U.S. consumers and demonstrates to lenders that the borrower is very dependable. 800+ Exceptional This credit score is well above the average score of U.S. consumers and clearly demonstrates to lenders that the borrower is an exceptionally low risk.