A FICO Score is a number with three digits that comes from the information that is on people’s credit reports. The FICO Score is important because it shows lenders the likelihood of a person repaying a loan while also showing borrowers how much they can borrow, how long they have to repay a loan and the interest rate for the loan. The information from a person’s FICO score also gives lenders the fastest and most consistent way to determine if borrowers are worthy of receiving the money. It ensures that everything is fair for both the lenders and the borrowers.
