A credit score is a number calculated by using a variety of factors in your credit history for example on time payments, how much debt, how many new accounts and can vary from 300-850.

There are two competing credit companies which are (Fair Isaac Corporation) FICO scores and Vantage Score credit scores. FICO originator of credit scoring idea credit worthiness is and patent this information to the three credit entities that hold the credit information about you. For example, how many credit card you have, what your balance is on each, late payments, charge-offs collections. FICO license score to the credit reporting agencies Equifax, Experian and Transunion then they take that information about you use that calculation about you and they sell it that information to lenders credit card companies, banks mortgage lenders. FICO only license out this credit calculation formula and they benefit every time the credit agencies sell a credit score information to the lenders.

A Vantage Score was created by the 3 credit agencies Equifax, Experian, and Transunion to avoid having to pay FICO every time the sell a client’s credit score to a lender however the many lenders did not accept the new Vantage Scores because they been using FICO scores for a much longer time. FICO is still holding about 90% of the market use.

FICO to make their reports better than their competitor they have created different versions of FICO scores to help lenders, FICO 8, FICO 9 and New FICO 10 or FICO 10T. Most lenders like to use the later version that have been out for some time like the FICO 5 and the FICO 8 and just because new versions are out does not necessarily mean lenders need to upgrade if they are conveniently using a FICO version that has worked great for them in the past.

Vantage Score have also been changing the formulas they use creating 4 different versions. If we count the multiple FICO versions and multiple Vantage versions, multiple versions and the three different reporting agencies we are left with multiple credit scores.

A Goal without a Plan is just a Wish. Give us a call TODAY at 844-FIX-URCR or click on the following link creditservicesofamerica.com to schedule your FREE consultation and create your personalize plan to achieve your credit and debt GOALS!


*Individual results may vary. Please call for more details and to discuss your own individual situation.