I think you meant FICO score and not Pico score...


In the United States, a credit score is a number that is 
based on a statistical analysis of a person's credit 
report, and is used to represent the creditworthiness of 
that person—the likelihood that the person will pay his or 
her debts. A credit score is primarily based on credit 
report information, typically from the three major credit 
bureaus.

Lenders, such as banks and credit card companies, use 
credit scores to evaluate the potential risk posed by 
lending money to consumers and to mitigate losses due to 
bad debt. Using credit scores, lenders determine who 
qualifies for a loan, at what interest rate, and to what 
credit limits.