A FICO Score is a Fair Isaac Corporation score based on a computer generated model and certain factors which affect scoring. A complex computer program determines your score starting with a low of 300 and a high of 850. This score is important as it may be used to determine loan rates, credit availability, and insurance rates among other things.
Making sure that your credit report is accurate and does not contain old, derogatory information may greatly improve your score. FICO Scoring is one of several computer models used to determine a person’s credit worthiness for purposes of rating risk factors.