Recommendation Systems (RSs) are becoming tools of choice to select the online information relevant to a given user. Collaborative Filtering (CF) is the most popular approach to build Recommendation System and has been successfully employed in many applications. Collaborative Filtering algorithms are much explored technique in the field of Data Mining and Information Retrieval. In CF, past user behavior are analyzed in order to establish connections between users and items to recommend an item to a user based on opinions of other users. Those customers, who had similar likings in the past, will have similar likings in the future. In the past decades due to the rapid growth of Internet usage, vast amount of data is generated and it has becomea challenge for CF algorithms. So, CF faces issues with sparsity of rating matrix and growing nature of data. These challenges are well taken care of by Matrix Factorization (MF). In this paper we are going to discuss different Matrix Factorization models such as Singular Value Decomposition (SVD), Principal Component Analysis (PCA) and Probabilistic Matrix Factorization (PMF). This paper attempts to present a comprehensive survey of MF model like SVD to address the challenges of CF algorithms, which can be served as a roadmap for research and practice in this area. © 2015 The Authors.