top of page

Who is FICO?


FICO (The Fair Isaac Corporation) is a data analytics company focused on credit rating services.

Scores range from 300-850 and are calculated based on 5 components. They are: 35% payment history, 30% amounts owed, 15% length of credit, 10% mixed credit, and 10% new credit/inquiries. This information is provided by three credit reporting agencies – Equifax, Experian, and Transunion.

FICO also makes new versions of the score models to keep pace with changing consumer credit behaviors. They release these new versions to the market and each lender then determines if and when it will upgrade to the score. Some lenders migrate relatively quickly, while others can take a while to make the upgrade. As a result, there are lenders currently using different FICO® Score versions.

Currently, FICO 8 is the most widely used.

1 Comment


Emmanoil
Mar 03

If errors on your credit report are causing you headaches—like denied loans, incorrect accounts, or identity theft—you might need an FCRA lawyer to help fix the situation. The Fair Credit Reporting Act (FCRA) protects consumers from inaccurate or unfair reporting by credit bureaus, but getting those mistakes corrected isn’t always easy. Credit agencies and lenders don’t always take disputes seriously, and that’s where an experienced FCRA lawyer comes in. They can help you dispute errors, hold credit bureaus accountable, and even take legal action if necessary. If your credit report is hurting you due to errors or unfair reporting, don’t wait to take action. Learn more about how an FCRA lawyer can help: https://consumerattorneys.com/blog/fcra-lawyer.

Like
Featured Posts
Check back soon
Once posts are published, you’ll see them here.
Recent Posts
Archive
Search By Tags
Follow Us
  • Facebook Basic Square
  • Twitter Basic Square
  • Google+ Basic Square
bottom of page