What is a FICO score?

The FICO Score is calculated statistically using information from a consumers credit files. FICO was founded in 1956 as Fair Isaac by engineer Bill Fair and mathematician Earl Isaac to provide consulting services and enterprise decision management systems. They developed the FICO scores as a measure of credit risk, which are the most used credit scores in the world.

FICO scores are calculated from a lot of different credit data in your credit report. This data can be grouped into five catagories. These catagories are broken into different percentages of the overall FICO score.

The minimum requirements for a FICO score are at least one account needs to be open for six months or more. At least one undisputed account that has been reported to the credit bureaus. And, there is no indication of decrease on the credit report.

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