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Fair Isaac Corporation - FICO and FICO Score

Written by: Kristy Welsh

What is a FICO Score?

The FICO Score is credit score developed by FICO, a company that specializes in predictive analytics. Your credit score is calculated using special algorithms using information from your credit files. FICO, also known as Fair Isaac Co., was founded in 1956 by engineer Bill Fair and mathematician Earl Isaac to provide consulting services and enterprise decision management systems. They developed the FICO score as a measure of credit risk and it is the most used credit score by lenders in the world.

FICO scores are calculated from a lot of different credit data in your credit report and they get this data from the three big credit reporting agencies - Equifax, Experian, and TransUnion. This data is then grouped into five categories and then these categories are broken into different percentages of the overall FICO score.

Base FICO scores range from 300 to 850 and the higher the score the better your credit. With a score in the 690 to 720 range, you’re considered a good credit risk and the availability of credit card deals will reflect that. But if your credit score is 630 or below, you are in the bush leagues of bad credit.

For a FICO Score to be calculated, your credit report from the bureau for which the score is being calculated must contain enough information on which to base a credit score. Generally, that means you must have at least one account that has been open for six months or longer, and at least one account that has been reported to the credit bureau within the last six months.

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