What is a FICO® Score?

"FICO" is an acronym for the Fair Isaac Corporation, the company that created the FICO® Score. FICO is a registered trademark of Fair Isaac Corporation.

Why FICO matters

A FICO® Score is a credit score that is created by applying a mathematical formula to a consumer’s credit report data. The FICO® Score aids in assessing a loan application and predicting consumer credit risk.

Generally, people with higher scores are considered more attractive borrowers than those with lower credit scores, as they typically represent a lower risk of default. 

How Avant uses FICO

We use the FICO® Score provided by TransUnion®, along with multiple other scores, including VantageScore®, in the underwriting process. Credit reporting agencies like TransUnion® use FICO’s scoring formula to assess information in consumer credit reports and calculate FICO® Score.

Credit Bureaus

There are three national credit reporting bureaus – Experian®, TransUnion®, and Equifax®. Each bureau maintains a credit history record known as your credit report. The information in your credit report may vary from one bureau to another based on whether your lender reports your credit history to one, two or all of the bureaus.

Credit bureaus can use different scoring models and in addition to FICO® there are several other versions and providers of credit scores including but not limited to VantageScore®, NextGen®, BEACON® and EMPIRICA®.

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