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FICO score estimators are those who are responsible for calculating a person$%:s FICO score. In order to understand what FICO estimators are, it is important to get to know what FICO scores are. FICO scores are numeric representations of an individual$%:s credit profile developed by the Fair Isaac Company, a California-based credit scoring firm. FICO scores not only determine one$%:s creditworthiness but also aim to predict the credit risk of a particular borrower. Originally intended as a means to reduce the time and expense involved with examining credit reports while speeding mortgage approvals, FICO scores have proven their value in the credit and lending industry through the years.

FICO score estimators can accurately measure one$%:s FICO scores using the given weighted variants which are then calculated considering other factors. The standard weighted variants that FICO score estimators use as constants include 35% from payment history, 30% amounts owed; 15% length of credit history, 10% new credit and another 10% for other types of credit used. These are used and checked against other factors to come up with a precise FICO score. Based on the estimates of FICO score estimators, finance firms may determine the amount of credits one is capable of paying for.

FICO score estimators also consider that individuals vary which is why scores are segmented to have differing scoring models applicable to different individuals based on a variety of factors. These segmentations are carefully studied by FICO score estimators from which individuals will be assigned different scores. FICO score estimators also consider other elements that can affect FICO scores.

Proper training, educational requirements and direct experience in estimating FICO scores are what set certified FICO score estimators from free credit score estimators who only offer a rough credit score estimate. They also establish useful contacts with various financial institutions and lenders from which they can get relevant credit information about their clients that they use when estimating FICO scores.