FICO Score
From SI410
FICO Score logo and slogan.[1]
FICO Score is a credit scoring model developed by the data analytics company, FICO (Fair Issac Corporation). Similar to other credit scoring systems, FICO Score's algorithm uses debt data from an individuals credit report to formulate the score.[2] The score is used as a metric for lenders to determine whether or not to an individual is a credit risk or not.[3]FICO is currently the most widely used credit scoring algorithm in The United States of America. Particularly, FICO 8, the eighth version of the FICO score is used by the three main credit bureaus in the United States. Commonly referred to as the "big three" they are Experian, TransUnion, and Equifax.[4]
Contents
FICO
About
History
Algorithm
History
Breakdown
Scoring Range
Competitor algorithims
Discrimination concerns
Racial bias
Debt discrimination
Employment
Medical Debt
Education Debt
Inaccuracies
Credit invisibility
Predicting risk
Big data and artificial intelligence
Morality
Transparency
See also
References
- ↑ Fair Issac Corporation. (2018). Frequently asked questions about FICO scores. Retrieved January 28, 2022, from https://www.ficoscore.com/ficoscore/pdf/Frequently-Asked-Questions-About-FICO-Scores.pdf
- ↑ Fair Issac Corporation. (2021, October 27). How are FICO scores calculated? myFICO. Retrieved January 28, 2022, from https://www.myfico.com/credit-education/whats-in-your-credit-score
- ↑ FINRA. (2015, January 9). How your credit score impacts your financial future. How Your Credit Score Impacts Your Financial Future | FINRA.org. Retrieved January 28, 2022, from https://www.finra.org/investors/personal-finance/how-your-credit-score-impacts-your-financial-future#:~:text=A%20credit%20score%20is%20usually,the%20time%20of%20your%20application.
- ↑ University of Illinois Credit Union. (2022, January 14). Your credit score is the most important score you should know. U of I Community Credit Union. Retrieved January 28, 2022, from https://www.uoficreditunion.org/your-credit-score-is-the-most-important-score-you-should-know/
