Fair Isaac Corporation (FICO)

Fair Isaac Corporation (FICO) is a company that develops credit scoring models used by lenders to assess an individual’s creditworthiness. These scores evaluate a person's credit history, such as loans, credit card usage, and repayment behavior, to predict the likelihood of paying back borrowed money. FICO scores help lenders make informed decisions about approving loans, mortgages, and credit cards. The scores range from 300 to 850, with higher scores indicating lower risk. FICO's models are widely used globally and play a key role in the financial industry by promoting responsible lending and borrowing.