A Credit Score is Not a FICO Score
How many times have you heard the term credit score? How many times have you heard FICO score? They seem to be used interchangeably, but they really are not.
The truth is a FICO score is a type of credit score. A credit score is a general term. There is a reported thousand plus different ways to score credit. This creates a thousand plus credit scores. Also, to increase the difficult, your credit score can be different depending on which credit report is being referenced. A FICO score is just one of these. It is actually should be thought of as a brand of credit score. To make things even more complicated, there is more than one FICO score. Each credit bureau has their own FICO score. For example the Beacon Score is a FICO score from Experian.
Which one should you get when you want a free credit score online? You should stick to your FICO score. First, FICO scores are the most popular and widely used credit score. Second, if you are applying for a mortgage the lender is definitely going to check your FICO score. Third, many of the other scoring models are based on the FICO score. So if you know your FICO score, you will have an idea of where you sit with the other credit scores.
There are other brands of credit scores like the new age VantageScore. This is complete different and uses a different credit score scale. These scores are lesser known and need to gain some popularity before they are worth worrying about.
The real way to play safe is to just as your potential creditor to which credit score they use. This way you can look it up yourself and be able to see what they see. You will then be a better informed consumer.
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Tags: credit report, Credit Score, vantage score
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