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FICO score

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FICO® score is a type of credit score created by the Fair Isaac Corporation (FICO®). FICO® is the most common credit-scoring model used by creditors.

According to this model, the higher a consumer's FICO score, the less likely they are to default on the loan.

The FICO® score is determined by five factors using the information in the credit reports:

  1. Payment history;
  2. How much debt is owed;
  3. Length of credit history;
  4. How much new credit the consumer has; and
  5. The types of credit borrower currently have in use.

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