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What is the Purpose of FICO Scores

The purpose of a FICO Score is to predict whether or not a consumer will be a 90 day late payer within the next 24 months. That’s it period.

So how on earth does the FICO Score make this prediction? Here’s how. The company, FICO, who makes the algorithm that produces the score will go out and buy credit reports from the 3 major credit bureaus: Trans Union, Experian, & Equifax. FICO will buy 2 million credit reports from each bureau. FICO, the company, will then wait 2 years and update those same 2 million credit reports. The computer then analyzes the reports to see what those consumers who went 90 days past due had in common.

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