What are the 3 types of credit scores?

What are the 3 types of credit scores?

The score models can be divided into three major types: FICO, VantageScore and other credit scores.

Which credit bureau uses credit history?

Equifax credit scores and FICO scores can be calculated using information in your credit reports at any of the three nationwide credit bureaus — Equifax, Experian and TransUnion.

Which of the 3 credit bureaus is most accurate?

FICO scores are used in over 90% of lending decisions making the FICO® Basic, Advanced and Premier services the most accurate for credit score updates. All plans offer access to 28 versions of your FICO score, including scores for credit cards, mortgages and auto loans.

Is Equifax score accurate?

Essentially, this means that your score can not only be confusing but also that there is no such thing as an “accurate” credit score. Each formula uses factual information from your credit history.

What is a good Equifax Risk Score?

There are some differences around how the various data elements on a credit report factor into the score calculations. Although credit scoring models vary, generally, credit scores from 660 to 724 are considered good; 725 to 759 are considered very good; and 760 and up are considered excellent.

Which is most accurate credit score?

FICO® Scores

How close is my FICO score to my VantageScore?

FICO uses a 45-day span to deduplicate your credit inquiries. VantageScore limits its focus to only a 14-day range. VantageScore also looks at multiple hard inquiries for all types of credit, including credit cards. FICO considers only mortgages, auto loans, and student loans.

Do lenders use FICO or VantageScore?

Although VantageScore credit scores have been around for about 15 years, the FICO Score is still the preferred choice of most lenders. In the U.S., lenders use FICO Scores in 90% of lending decisions.

What is the difference between VantageScore and FICO score?

The Score Ranges The base FICO® Scores range from 300 to 850, while FICO’s industry-specific scores range from 250 to 900. The first two versions of the VantageScore ranged from 501 to 990, but the latest VantageScore 3.0 and 4.0 use the same 300-to-850 range as base FICO® scores.