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There are many different forms of credit scores, used by banks, lenders, and financial institutions every single day. But FICO, or the Fair Isaac Corporation, is one of the most popular for analyzing consumer credit data and using it to formulate a score that predicts credit risk.
FICO Scores are used in over 90% of all U.S. lending decisions, making them by far the most popular and widely used credit scores. In fact, each year, millions of lenders, banks, financial institutions, and retailers access billions of FICO Scores in order to help them make lending decisions. By analyzing a consumer’s credit report, FICO is able to gauge an individual’s risk as a credit applicant and allow lenders to make wise decisions while granting them new credit and more.
FICO Scores offer them quick, accurate, and consistent metrics of credit risk, helping not only lenders but millions of consumers access credit scores and manage their debt and finances.
Therefore, your FICO Score is an important aspect of your overall credit profile and financial wellness. FICO Scores have a direct and immediate impact on your interest rates, getting approved or denied for new loans like mortgages, auto loans, credit cards and more.
Since consumers also have access to their FICO Scores and data, they can see a version of what lenders are looking at when they make lending decisions, and take active measures to improve their credit based on FICO’s best practices and scoring guidelines.