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What is a FICO score and how is the FICO score compiled?
A FICO score is a mathematical equation that measures and evaluates varying types of information on a credit report. ... 1 By 1989, in partnership with Equifax, FICO scores were developed and offered to lenders. ...
Scores are calculated by compiling various credit data and then grouping this data into five main categories: payment history, amounts owed, length of credit history, new credit, and types of credit used. ... Credit Scores. ... asp
age and employment data, this information is excluded in the FICO scoring system. Also excluded from FICO scores are your address, marital status, and whether or not you are participating in credit counseling. ... The FICO score, developed by Fair, Isaac Inc. ... Their FICO scores are widely used by many of the leading banks, credit card issuers, healthcare, and government agencies. ... introduced a new product called NextGen Fico. ... It was reported to predict risk 15% to 20% better than the original FICO.
Approximate Word count = 770
Approximate Pages = 3.1
(250 words per page double spaced)
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