What is a FICO Score? FICO is an abbreviation for the Fair Isaac Corporation, the first company to offer a credit-risk model with a score. It was founded in 1956. Kinda makes you think of a wise old economist or university professor named Fair Isaac, but no, it was named after two guys, Bill Fair and Earl Isaac…an engineer and a mathematician. To create credit scores, FICO uses information provided by one of the three major credit reporting agencies — Equifax, Experian or TransUnion. But FICO itself is not a credit reporting agency.