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What is a FICO score?
In order to streamline the decision
making process, the lending industry has developed a system which scores
the borrower's credit history. The score is seen as predictive of the
borrower's ability and willingness to repay the loan. Such scoring gives
the lender the ability to give the borrower a rapid credit decision by
using automated underwriting software currently available. Few lenders
base their entire credit decision on the score, however. Lower FICO scores
usually trigger a real live underwriter review of the loan application and
credit report before a final decision is made.