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Facts concerning your monetary resources are pulled together from your application for credit and other sources. Facts include how consistent you have been in paying your bills, the quantity and types of accounts you possess, late payments, collection actions, existing debt, age of your accounts, and other info. As a result of using the Fair, Isaac statistical measures or model, creditors match this information to the credit actions of consumers with profiles that are similar and designate points for any characteristic that helps them to foretell which debtor will most probably pay back a debt. This is where we get the expression "FICO Score" which means a credit score as a result of using the Fair, Isaac Corporation (FICO) formula.

Credit data is used based upon what type it is and history. The sooner the related data, the more significant it is. For example, a very old 90 day late may be not as much weighted as something like a 30 day late that occurred much more recently. The type of data also has a weight: payment history (most important-35%), utilizationn of credit (next heaviest-30%), how long has been using credit (third heaviest weight-15%), types of credit (least weighted-10%) and number of new credit inquiries (also least weighted-10%).

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