A credit score is a general term for a number to be assigned to you on your credit report. A FICO score is one of these scoring models and is a brand of credit score. How's that for consumers is sometimes increase confusion. There are some things to understand.
The first thing is, if you're talking about credit scores, you talking about. It is a myth that there is only one credit score. There are different gradesthat are available. Each of the three credit bureaus has its own. There is also a joint project with the name VantageScore, which was developed by all three offices. These are just two of the what could be thousands of different credit scores in use today by lenders.
If you are talking about a FICO score, are you talking about some kind of credit score. It was developed by Fair Isaac and she was in the credit scoring business since the 1950s. It is thebest-known face of the credit scores. The story comes from the recommendation of Freddie Mac and Fannie Mae on FICO scores used in mortgage lending.
To make things even more complicated, there are different versions of the FICO score. Here you will find a Beacon score. This is specifically for Experian, the largest credit bureaus. This is the marketing name for the FICO score it.
The extent of all these credit scores can vary.For example, the VantageScore uses a credit-score range of 501 to 990 The FICO score uses a range of 300 to 850th Your credit rating could vary on the scale. Meaning, you could have a good rating, with an average of one and the others.
The question for consumers is the credit score should I worry about. It could score a matter which model is with the lender, but the starting point is your FICO. This is theLeader and is often used in the majority of mortgages. It could also be the basis for many of the other points. If you give an assessment based on all three credit reports. You will notice that the assessment is different for each. This is because the reporting by your accounts into one office and the other not. If your FICO score, you must take the source and visit Fair Isaac's credit score website MyFICO.com
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