A FICO score is a credit rating that each person has after considering all positive and negative inputs relating to available finances and past credit history in order for a new lender to determine if a potential borrower has a likelihood to be creditworthy. This score will legally need to be in a certain category for the lender to be allowed to loan certain amounts to creditors, as they cannot borrow more than they can be expected to repay under the reasonable assessments; they have to consider it as existing debt and income. There are three FICO scores and any one of them can stand alone—each is simply calculated differently. A company will choose one of the three scoring methods to base their credit approval process on, and is legally required to initiate the FICO search.
The three different credit scores that can be found in the FICO score include Experion, TransUnion and Equifax. The name FICO itself belongs to a software company that originates in the U.S. and that operates a national service that is government-regulated.