What is Fico? What does it stand for?

Josh:                        What is FICO and who controls it?

Samira:                  Equifax, Experian and TransUnion handle the collection of the data, but FICO is the Fair Isaac Company. They have the formula sort of like the recipe if you will for Coca Cola and it’s patented and it’s secret business information that no one has access to. They submit the bureaus, Equifax, Experian, and TransUnion submit the information to FICO which has basically an algorithm and pumps out a number and that’s your FICO score also known as a Beacon score.