What is the difference between a FICO® Score and credit score?

Your credit score is a vital aspect of your financial health. You can have multiple credit scores, with FICO® being one of the most widely used scores by lenders. The FICO credit score is calculated using the information from your credit reports.

Additionally, there can also be multiple FICO scores because FICO periodically releases different versions of its scoring model. Many lenders may still be using the older versions, therefore, there may be two different variations of FICO scores.

The other scoring model created by all three major credit bureaus – Experian®, TransUnion®, and Equifax® – is known as VantageScore®. Credit scoring models commonly calculate your credit score based on five factors: payment history, credit utilization, credit mix, length of credit history, and new credit. Each model weighs each factor differently and so there may be a difference in the credit score.

It’s worth noting that while some credit bureaus and credit monitoring services may provide you with credit scores, these are often indicative and not necessarily the exact scores used by lenders.