ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -FICO (legal name: Fair Isaac Corporation), originally Fair, Isaac and Company, is a data analytics company based in Bozeman, Montana, focused on credit scoring services. It was founded by Bill Fair and Earl Isaac in 1956.

Detailed explanation-2: -FICO is an acronym for Fair Isaac Corporation, the company that developed the FICO® credit scoring models that many lenders use to help accurately predict a consumer’s ability to repay a debt on time.

Detailed explanation-3: -FICO was created in 1956 by engineer Bill Fair and mathematician Earl Isaac, and its name comes from what was Fair, Isaac, and Company. The initial goal was to improve business decisions by using data intelligently. Fair and Isaac developed and sold their first credit scoring system in 1958.

Detailed explanation-4: -FICO SBSS is a credit score used to assess the creditworthiness of small businesses. It is calculated by looking at both a business’s credit and the business owner’s personal credit, and it goes from 0-300, with 300 being the best score.

Detailed explanation-5: -FICO is the independent standard in credit scoring, trusted by lenders and securitization investors for decades. FICO is an independent data analytics company.