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 Scores

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 multiple unique, proprietary score model which has been developed by FICO specifically for each of them.

There are at least 28 different possible active 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.

VantageScore™ Scores

The three credit bureaus mentioned above created in 2006 a new joint venture analytics company called VantageScore 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.

Credit Score Ranges

Since 2013, both FICO scores and VantageScore scores use the same scoring range for their general purpose scores. The range is 300 to 850. FICO’s industry-specific credit scores range from 250 to 900.

Proprietary Scores

Many lenders, especially large national 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 lenders who develop and maintain them, and none of these models’ results are ever publicly disclosed or available to consumers.