What's the difference between your credit sore and your FICO score?

Question

Or are they basically the same thing? Are those terms used interchangeably?

Answer 1

FICO is used by Transunion and Beacon is used by Equifax.

They all are legitament scores. Each credit bureau has their own way of calculating your score. They run from 300 to 850.

Advantage is a new scoring system agreed on by all three bureaus, it runns from 501 to 990, but no lenders are useing this new system yest.

Answer 2

A Credit Score is a generic term used by several companies. There are several different scoring models, each of the main credit agencies have their own scoring system. There is another company called Fair Issac that controls the FICO Score. The FICO Score is the most widly used score currently. Howerver, a FICO Score of 670 is NOT the same as a Vantage Score by Experian of 670.

So for your answer, the FICO score is a Credit Score, but a Credit Score may or may not be your FICO Score.

Answer 3

I don't know why people gave Scott the thumbs down, but he's correct. Each bureau has their own scoring range and their own name for the score. FICO actually stands for Fair Isaac Company and they were the first company to come up with the idea of a credit scoring model. At the time, they were an independent company - not necessarily a credit bureau.

Equifax Beacon 300-850
Experian Plus 330-830
TransUnion Empirica/FICO 150-934

Answer 4

In my understanding, the credit is the score each and each guy or woman credit bureau components. The FICO is the completed credit checklist, consisting of debt to benefit ratio, and so on. The FICO is the significant one. shop doing what you're doing and it is going to seize up, yet nevertheless request your comments to learn for blunders.

Answer 5

THEY ARE NOT THE SAME. To be more specific, you have three scores; transunion, equifax, and experian. Transunion is your FICO, Equifax is your BEACON, and Experian is your ISAAC. Most auto lenders and credit card companies will use of the three and unfortunately they may not report to all three either. Mortgage lenders, however, will pull all three and use either an average score or the middle of three scores. The scores for all three range from 350 to 850. Hope this helps!!