Article: What Does FICO Mean To You?
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What Does FICO Mean To You?
Although it may not be a term you're familiar with, the term FICO can be a determining factor as to whether or not you qualify for a credit or loan. But what is FICO, and how does it affect you when it comes to your creditworthiness?
The acronym FICO actually stands for Fair Isaac Company, which was the company that originally created a mathematical model for the credit reporting company Experian. FICO was designed as a tool that could be used by creditors to evaluate the potential risks involved in lending money to consumers. In reality, there are other similar models that have been developed by other credit bureaus, but all of their results are referred to by the industry as FICO scores.
FICO scores are calculated by examining the answers to a number questio...
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