The FICO® Score: Powering the Mortgage Market
From credit unions and community banks to the nation’s largest lenders and investors, users of credit scores select the FICO® Score over other options because it’s a reliable, independent and highly predictive measure of consumer credit risk — a standard that has proven itself over decades.
Myth or Fact
Test your knowledge and get the facts
MYTH or FACT: The only people who use your FICO® Score are mortgage lenders.
MYTH!
FICO Scores are relied on by lenders — but these same scores are essential to mortgage insurers, ratings agencies, regulators, investors and others — all to provide millions of Americans with homeownership.
MYTH or FACT: FICO® Scores cost less than a slice of pizza.
FACT!
Mortgage closing costs can be thousands of dollars, but FICO's price is less than a slice of pizza - and it’s the foundation of a safe housing ecosystem.
MYTH or FACT: Rental Payment Data, Telco and Utility Data are included in the FICO® Score.
FACT!
Reported utility and telco payment information has been included in FICO® Scores since the first release in 1989. All new FICO® Score versions since 2014 have included reported rental data.
MYTH or FACT: FICO® Score 10 T is the most powerful FICO Score ever.
FACT!
Using FICO® Score 10 T, mortgage approval rates can be expanded by 5% without adding incremental risk relative to the current score in use.
Policy Makers
Learn more about how FICO is driving continuous innovation across the credit scoring industry.