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Financial info about you is gathered from the application you completed requesting credit and other places. Facts include how consistent you were in paying your bills, the number and types of accounts you have, payments paid late, collection actions, existing debt, age of your accounts, and other data. With the Fair Isaac statistical program or model, lenders match this data to the credit performance of consumers with profiles that are similar and award points for every item that helps in forecasting which debtor has the most potential to repay a debt. Thus we get the expression "FICO Score" which stands for a credit score utilizing the Fair Isaac Company (FICO) model.

Credit data is looked at according to its type and its history. The more current the related facts, the more telling it is. For example, something that was late by as much as 90 days a while ago could perhaps be not as relevant as a 30 day late that occurred very recently. The type of data also has an effect: past payment performance (biggest weight-35%), amounts owed (next heaviest-30%), how long has been using credit (third heaviest-15%), types of credit used (least significant-10%) and number of new credit inquiries (also least significant-10%).

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