The "FICO score" is also known as an individual's credit score. FICO is an acronym for Fair Isaac Corporation, the company that developed the method of calculating the score. The FICO scoring system is designed to predict a person's probability of delinquency on loan payments within the next 24 months, and it is used to analyze a large percentage of mortgage and consumer loan applications. The exact method of calculating the FICO score is a proprietary secret, but it is based on a number of factors in a person's credit history. The major credit reporting agencies use slightly different methods to calculate their credit scores.