what is fico scores
DEFINITION of 'FICO Score'. A type of credit score that makes up a substantial portion of the credit report that lenders use to assess an applicant's credit risk and whether to extend a loan.FICO is an acronym for the Fair Isaac Corporation, the creators of the FICO score. Next Up. type of credit score that makes up a substantial portion of the credit report that lenders use to assess an applicant's credit risk and whether to extend a loan. FICO is an acronym for the Fair Isaac Corporation, the creators of the FICO score.