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The Different Credit Scores
When people look for their credit score, they'll usually find that there's an assortment of credit scores they can choose from. It really can be confusing. Are they all the same and if not which one is better and which one do lenders look at? The answer to those questions are no, they're not all the same and most people look at an individual's FICO score.Now to elaborate. Credit scores are used by lenders as indicators for credit risk. These numerical values fall in between different ranges to show the different levels of credit worthiness. Each of the credit bureaus compute their own credit scores based on the credit history of an individual. So when people pull up their credit reports, they'll have an Experian, Equifax, and TransUnion credit score. Experian calls their credit score the Plus Score. TransUnion calls its credit score the TransRisk Credit Score. Equifax calls its credit score the BEACON Score, but actually has partnered up with a company called Fair Isaac to provide a FICO score. So the Beacon score is equal to a FICO score.
The most important credit score to know is that of one's FICO score. Over 90% of businesses and lenders use this score. Thus it's important to see this score and to keep it up in good standing. The other credit scores might be looked at on occasion, but everyone looks at the FICO score.
There's another type of credit score called the Vantage Score. The Vantage Score is a credit scoring system built by the three credit reporting agencies Experian, Equifax, and TransUnion. Some people say it's a competing type of credit score to that of Fair Isaac's FICO Score. Probably the credit bureaus didn't like the monopoly FICO has so they banded together to compete in business with Fair Isaac.
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