What does FICA stand for?

Answer by  RoyalKnight (40)

FICO actually stands for Fair Isaac and Company, which was the first credit scoring company, but is currently used to mean credit score.

Answer by  LeheckaG (1826)

Federal Insurance Contributions Act = Medicare/Social Security payroll-tax. FICO = Fair Issaic Corporation (founded by Bill Fair & Earl Issaic) developed FICO scores which are used to assess credit risk.

Answer by  Caenaise (165)

FICO stands for Fair Isaac Corporation, the company who developed proprietary credit scoring system. Most lenders decide whether to lend based on a borrower's FICO score (among other factors) which analyzes payment history, length of credit history, negative items (bankruptcy, late payments, etc.). A good score would be in the mid 700's.