FICO IS THE MOST PROMINENT CREDIT SCORING SYSTEM used around the world. A credit score is a number that reflects your creditworthiness. Stated another way, your credit score is a calculation that represents the likelihood that you will pay your debts. Banks and credit card companies use credit scores when determining if you qualify for a loan. It is also used to determine what interest rate you will pay, as well as your credit limits.
The Fair Isaac Corporation (founded in 1956 as Fair Isaac by engineer Bill Fair and mathematician Earl Isaac), known as FICO, created the first credit scoring system in 1958, for American Investments. They created the first credit scoring system for a bank credit card in 1970. FICO is based in Minneapolis, Minnesota, United States. The company has offices in North America, South America, Europe, Australia and Asia.