What is the difference between FICO score generated from TransUnion's credit report and TransRisk Credit Score

Question

FICO Credit score's range is from 300-850. And TransRisk score as calculated by TransUnion also has a range from 300-850.

What is the difference bewteen these 2 scores? Which one is more linear? Are they the same?

Thanks.

Answer 1

FICO is calculated differently by all three credit reporting agencies. The ranges are all the same because that is a federally regulated standard.

Usually you will find that all three of your scores will be very similar. So similar that any one of them would get you the same credit decisions and interest rates as any other.

However, not all creditors report to all three credit reporting agencies. Nowadays this is rare, but true. So if you have a particularly large item of credit on Equifax that is not reported on the other two (TransUnion, Experian) you might find the credit score to be MUCH different depending on the state of the debt in question.

But again, essentially they are all the same and the difference between them is almost always with 5-8 points of one another.

Answer 2

There are two parts to a credit score.
1. The underlying data. Accounts, time on file, balances, payment history, etc.
2. The calculation of the score. The FICO score is a seperate product from the credit information. FICO score (the process to calcualte it) is owned by Fair Issaac's. So technically if the base information is the same the FICO score will be the same.
There are always some differences between reports, but for the average consumer those are 0 -10 points.

Is the TransRisk Score a score calcualted by Trans Union? If it will be different, but there is no way to say what the difference will be, except to say they will most likely try to make it match up to FICO, since that is the industry standard.

Answer 3

In my understanding, the credit score is the score each individual credit bureau gives you. The FICO is the entire credit report, including debt to income ratio, etc. The FICO is the important one. Keep doing what you are doing and it should catch up, but still request your reports to check for errors.