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The Fair, Isaac Credit Bureau
score (FICO®) was designed to measure the relative
degree of risk a potential borrower represents to a lender,
based on extensive research into credit use patterns and
actual credit data.
A credit score is a number between 300 and 850 generated
by a formula based on your credit history. The higher
the number, the better you look to creditors and lenders
and, as a result, you’ll receive the lowest interest
rates.
Your score is not physically stored as part of your credit
history on the credit file. Rather, it is typically generated
at the time a lender requests your credit report, and
is then included with the report viewed by the creditors.
Because your credit report is an important part of many
credit scoring systems, it is very important to make sure
it's accurate before you submit a credit application.
While you can get your credit reports for free, getting
your FICO score usually results in a $5-10 charge per
bureau. It is recommended that you obtain credit reports
and FICO scores from all three bureaus before you apply
for a home loan.
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