FICO or Fair Issac Corporation created this credit score model which is used by lenders to calculate the credibility of an individual before giving out loans and fixing the interest rate. This is based on various parameters. The most important of these parameters is the payment history which takes into account records like how many times the due date is missed, what was the last time it was missed, other credit related records like lawsuits, bankruptcy etc. and information about loans, mortgages, credit cards etc. The score also takes into account the duration of the credit history available and the overall amount owned by the individual like pending installments.

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