Many people think FICO Scores and credit scores are one and the same. But FICO is just a well-known brand name among a diverse group of credit-scoring companies that produces more than 1,000 different scoring models. And the acronym, which stands for Fair Isaac Corporation, isn’t all that defining, anyway. A single person can have up to 49 different FICO credit scores.
Finally, it’s important to remember that lenders use a variety of scores to evaluate applicants. And they typically tailor models to their specific industry and organizational needs. For example, certain scores are customized for auto loans. Others are modified in-house and aren’t available to the public. But while the specifics of the many models vary, a solidly “good” score by one rating system is usually considered “good” by most others, too.
A credit score is in most cases is a number assigned by a credit scoring company that gauges your "credit worthiness"- basically a score that judges someone's ability to pay back what he or she owes. FICO stands for Fair Issac Corporation, Inc., which is the credit reporting agency that created the FICO score. There are other types of credit scores. FICO is the one of the most commomly used scores. You can learn more information about FICO scores by clicking on this link: https://www.credit.com/credit-scores/what-does-fico-stand-for-and-what-is-a-fico-credit-score/
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