FICO stands for the Fair Isaac Corporation, formerly, Fair Isaac and Company. The company was founded in 1956 by an engineer, Bill Fair, and a mathmatician, Earl Isaac. In the 1980s, they developed a software program for rating credit risk. The system was adopted by the three main credit bureaus: Experian, TransUnion, and Equifax. The FICO score ranges between 300 and 850.
For another quick look at credit, check out MSN's five-minute guide to credit scores.
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