Fair Isaac Credit Score
Web Site: http://www.myfico.comAbout your Fair Isaac Score:
Your Fair Isaac Score is formulated using the information in your credit
file. Your score helps potential lenders, landlords, and employers quickly
gauge your credit history and decide what kind of a risk they are taking
if they approve your application. Your Fair Isaac Score can range between
330 and 830, with a higher score indicating a lower risk.
There are many scoring models used in the marketplace. The type of score used, and its associated risk levels, may vary from lender to lender. But regardless of what scoring model is used, they all have one purpose: to summarize your credit worthiness. Keep in mind that your score is just one factor used in the application process. Other factors, such as your annual salary and length of employment, may also be considered by lenders when you apply for a loan.
MyFICO is the consumer division of Fair Isaac. Fair Issac is the company that invented the FICO credit risk score that lenders use. Starting in the 1960's, Fair Isaac sparked a revolution by pioneering credit risk scoring for the financial services industry. This new approach to lending enabled financial institutions to improve their business performance and expand consumer's access to credit. Today Fair Isaac's FICO score is widely recognized as the industry standard for lenders.
Fair Isaac is publicly traded on the New York Stock Exchange under its
symbol FIC.