Which credit score do lenders use?

Lenders can use a variety of credit scores to assess an individual’s creditworthiness. The two most commonly used credit scoring models are FICO® and VantageScore®. According to data by FICO, 90% of the lenders in America use their scoring model. VantageScore, another popularly used credit scoring model, is the first and only credit scoring model that was developed by the three major credit bureaus–Equifax®, Experian®, and TransUnion®.

Lenders may use any of these two or even have their own specific scoring models to assess a customer’s creditworthiness. FICO has also developed some industry-specific scoring models such as Bankcard and Auto Scores for credit card companies and auto loans. To find out which credit score a lender uses, you will have to check with them directly. Apart from credit scores, lenders may also check your employment status and debt-to-income ratio.