Tag Archives: CreditRating

Is There More Than One Type of Credit Score?

Credit scores can determine the conditions you are offered on loans, jobs you may receive and where you can sign residential leases. These scores are determined by calculating the information on your three credit reports. The three credit bureaus (Experian, TransUnion and Equifax) each maintain an individual report on your credit history. There are two main credit scoring models: FICO and VantageScore. These credit scoring models have multiple variations that are used by specific lenders. A 2012 Consumer Financial Protection Bureau (CFPB) report suggests there are 49 separate FICO scores, some of which are industry-specific. For instance, there are FICO scores that are used in the auto and mortgage lending industry. VantageScore also has multiple scoring models. Some of these variations, especially for FICO scores, have been around for many years. Your credit scores can vary depending on the type of scoring model that was used to calculate the information…
Read More »

Posted in Consumer Protection | Tagged , | Leave a comment