Last updated on 20/12/2017
FICO score
FICO® Score is a scoring system developed by ACRA Credit Reporting CJSC and Fair Isaac Services Limited company (NYSE: FICO).
FICO® Scores are the most widely used credit scores—according to the recent CEB Tower Group analyst report.
Every year, lenders access billions of FICO® Scores to understand consumers‘ credit risk and make more reasonable decisions.
The company’s groundbreaking use of Big Data and mathematical algorithms to predict consumer behavior has transformed entire industries.
“Fair Isaac Services Limited” has a great role in the system of credit information circulation as a leading developer of software analysis and reputable company which promotes the growth of business, at the same time, providing profitability and customer satisfaction.
“Fair Isaac Services Limited” has a great role in the system of credit information circulation as a leading developer of software analysis and reputable company which promotes the growth of business, at the same time, providing profitability and customer satisfaction.
FICO score allows to credit companies to automate and to facilitate all stages of the lending process starting from the moment of makeing lending decision up to collecting of the overdue liabilities.
At the same time FICO score allows to save time for extensive credit report analysis.
FICO score contains borrower’s credit score,minimum, maximum and average scores in the system and four factors, which has the greatest influance of mading FICO score. The average score is a weighted average of FICO score of individuals in the system. The borrower score ranges from 300 to 850.
According to the FICO score calculating model characteristics are grouped as follows:
- Payments history – 35%
- Amounts Owed -30%
- Length of credit history -15%
- Types of used borrowings -10%
- New credit application- 10%
FICO® Scores
are used in more than
90 countries