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FICO Scores
FICO refers to the acronym of Fair Isaac Corporation which is traded publicly under the symbol FIC. It is one of the well -known credit score model in the United States. The FICO score is calculated with the use of statistical methods which was developed by a person called Fair Isaac.
The FISCO score is mostly used in industries such as consumer banking and credit. Similarly banks and other institutions that use scores as an important factor for deciding on lending may charge higher if the score is low. FICO scores are intended for the indication or warning of the chances of borrowers being delinquent. A separate score called BNI is used to indicate the chances of bankruptcy.
The three primary credit reporting agencies which are often referred to as credit bureaus in the United States are Equifax, Experian and Transunion. They calculate their own credit scores which go by different trademark names and different versions of the score. Though the next scoring model called Next Gen scores is already in vogue, many creditors still use the classic FICO score owing to its extensive testing and accuracy .
More terms explained
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