Revolutionizing consumer credit

Who calculates my credit score?

You don’t have just one credit score, you have multiple credit scores.

Many people have heard of something called a FICO score. It is a score and a scoring model that is created by a company which was originally known as Fair, Isaac and Company but since 2009 is now officially named FICO.

FICO uses information in your credit record at a credit bureau to compute your FICO credit score. Each of the major credit bureaus, Experian, Equifax, and Transunion have a unique, proprietary score model which has been developed by FICO specifically for each of them.

There are at least 28 different possible FICO scores that are currently being calculated and which could apply to you depending upon what kind of credit or service you are seeking to obtain.

The three credit bureaus mentioned above created in 2006 a new joint venture analytics company called Vantage Score Solutions. The company was formed to create credit score models that were highly consistent and more predictive of future behavior while being easy to understand and apply to underwriting decisions.

You have at least three VantageScore scores created from your individual credit records at each of the three major credit bureaus. As of 2013, both FICO scores and VantageScore scores use the same scoring range for their general purpose scores. The range is 300 to 850.

Many lenders also have their own in-house proprietary scores that they may use instead of, and sometimes in addition to, a FICO score or a VantageScore score. These proprietary score models are used only by the lender who develops and maintains them, and none of these models’ results are ever publicly disclosed.