Credit score, also called as the Beacon score or FICO score is a credit scoring model proposed by Fair Isaac and Company. FICO scores are calculated based on information in your credit report which resides with the three major credit bureaus. The information contained in your file is compared to the information that exists in other consumer credit reports and derives a numerical score called the FICO score.
FICO Scores are calculated from a lot of different credit data in your credit report. This data can be grouped into five categories Payment History, Amount Owed, Length of credit history, new credit and the Types of credit used.