Helping consumers learn about home loans, FICO scores, mortgage types, and the home loan process.
What Is A FICO Score? FICO stands for Fair Isaac and Company, who created this credit scoring system. A FICO score is used by credit companies to determine a borrower's potential lending risk. The FICO system gauges a borrower's ability to pay their bills by looking at their history. There are three main credit reporting agencies in the U.S. - Experian, TransUnion, and Equifax. Each credit agency uses a different formula for determining a FICO score, consequently, the scores slightly different. FICO scored differ between the agencies because creditors don't always report everything … Keep Reading