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Financial data concerning your monetary resources is gathered from the application you completed requesting credit and other places. Info includes how consistent you have been in bill-paying, the quantity and nature of accounts you possess, late payments, collection actions, outstanding debt, age of your accounts, and other data. Applying the Fair, Isaac statistical formulas or model, creditors compare the information here to the credit activities of consumers with profiles that are similar and assign points for any characteristic that helps to predict which debtor is it most plausible for them to pay back the debt. From this we get the term "FICO Score" which means a credit score resulting from the Fair, Isaac Company (FICO) model.

Credit data is viewed based upon what type it is and how old the information is. The more recent the related data, the more significant it is to the overall score. For example, an older 90 day late could perhaps be significantly less weighted than something like a 30 day late that happened much more recently. The data type also has an effect: payment history (most significant weight-35%), amounts owed (next most important-30%), how long has been using credit (third most significant-15%), types of credit (least significant-10%) and number of new credit inquiries (equally least significant-10%).

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