Answer: FICO is a credit scoring system used by lenders to determine a borrower’s creditworthiness.
Answer: FICO is calculated based on several factors, including payment history, credit utilization, length of credit history, types of credit used, and recent credit inquiries.
Answer: A good FICO score is typically considered to be 670 or higher.
Answer: Yes, you can improve your FICO score by paying bills on time, reducing credit card balances, and avoiding new credit inquiries.
Answer: Your FICO score is typically updated every 30 days.
Answer: Yes, you can get a free copy of your FICO score once a year from each of the three major credit bureaus.
Answer: No, your FICO score cannot be used against you in court.
Answer: Yes, you can dispute errors on your FICO score with the credit bureaus.
Answer: No, your employer cannot check your FICO score without your permission.
Answer: Yes, you may be able to sue someone for damaging your FICO score if they have violated your rights under the Fair Credit Reporting Act.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 13th April 2024.
To help you cite our definitions in your bibliography, here is the proper citation layout for the three major formatting styles, with all of the relevant information filled in.
- Page URL:https://dlssolicitors.com/define/fico/
- Modern Language Association (MLA):Fico. dlssolicitors.com. DLS Solicitors. May 09 2024 https://dlssolicitors.com/define/fico/.
- Chicago Manual of Style (CMS):Fico. dlssolicitors.com. DLS Solicitors. https://dlssolicitors.com/define/fico/ (accessed: May 09 2024).
- American Psychological Association (APA):Fico. dlssolicitors.com. Retrieved May 09 2024, from dlssolicitors.com website: https://dlssolicitors.com/define/fico/
Our team of professionals are based in Alderley Edge, Cheshire. We offer clear, specialist legal advice in all matters relating to Family Law, Wills, Trusts, Probate, Lasting Power of Attorney and Court of Protection.
All author posts