The two main companies that produce and maintain credit scoring models are FICO® and VantageScore. Lenders most commonly use the FICO® Score to make lending decisions, and in particular, the FICO® Score 8 is the most popular version for general use.
For other types of credit, such as personal loans, student loans and retail credit, you'll likely want to know your FICO® Score 8, which is the score most widely used by lenders.
What is the Most Accurate Credit Score? Although there are many different scores and scoring models, there is a light at the end of this confusing tunnel. Among all the credit score models, the FICO credit score is used by more than 90% of major U.S. lenders.
Experian is the largest CRA in the UK. Their scores range from 0-999. A credit score of 721-880 is considered fair. A score of 881-960 is considered good.
HSBC's credit reference agency is Experian, but problems meant some applications made yesterday were wrongly rejected.
The average credit score in the UK is 383 with Equifax and 759 with Experian. There are three main Credit Reference Agencies (CRA) in the UK: Experian, Equifax and TransUnion.
The FICO® Score☉ , which is the most widely used scoring model, falls in a range that goes up to 850. The lowest credit score in this range is 300. But the reality is that almost nobody has a score that low. For the most part, a score below 580 is considered "bad credit." The average FICO® Score in the U.S. is 704.
Is TransUnion more important than Equifax? The short answer is no. Both TransUnion and Equifax are reliable credit reporting agencies that compile reports and calculate your credit scores using different scoring models.
This is due to a variety of factors, such as the many different credit score brands, score variations and score generations in commercial use at any given time. These factors are likely to yield different credit scores, even if your credit reports are identical across the three credit bureaus—which is also unusual.
A FICO® Score of 624 places you within a population of consumers whose credit may be seen as Fair. Your 624 FICO® Score is lower than the average U.S. credit score. ... Consumers with FICO® Scores in the good range (670-739) or higher are generally offered significantly better borrowing terms.
The commonly used FICO® Scores for mortgage lending are: FICO® Score 2, or Experian/Fair Isaac Risk Model v2. FICO® Score 5, or Equifax Beacon 5. FICO® Score 4, or TransUnion FICO® Risk Score 04.
The highest credit score you can have on the most widely used scales is an 850. For common versions of FICO and VantageScore, the scale ranges from 300 to 850 and lenders typically consider anything above 720 excellent credit.
The reason that your Equifax score is lower than your TransUnion score is based on the fact that TransUnion adds personal information and employment data that is weighted into their model. The other two only report the name of your employer and do not add any weight to that fact.
TransUnion: The Bottom Line. While both TransUnion and Experian have some similarities, Experian offers a more robust suite of consumer services. It also reveals your FICO Score 8—the score most lenders use—which can give you a better idea of what lenders see than the VantageScore that TransUnion provides.
While the FICO® 8 model is the most widely used scoring model for general lending decisions, banks use the following FICO scores when you apply for a mortgage: FICO® Score 2 (Experian) FICO® Score 5 (Equifax) FICO® Score 4 (TransUnion)
Most auto lenders use FICO Auto Score 8, as the most widespread, or FICO Auto Score 9. It's the most recent and used by all three bureaus. FICO Auto Score ranges from 250 to 900, meaning your FICO score will differ from your FICO Auto Score.
But how accurate is Credit Karma? In some cases, as seen in an example below, Credit Karma may be off by 20 to 25 points.
Credit Karma is different from Experian. While Experian compiles your credit report and determines your credit score, Credit Karma simply shows you credit scores and report information from Equifax and TransUnion.
FICO 8 scores range between 300 and 850. A FICO score of at least 700 is considered a good score. There are also industry-specific versions of credit scores that businesses use. For example, the FICO Bankcard Score 8 is the most widely used score when you apply for a new credit card or a credit-limit increase.
There are some lenders in the UK who only check for information with Experian only. These include; Co-operative Bank, Nationwide, Vanquis, Virgin Money and Yorkshire Bank & Clydesdale Bank.
An 886 credit score is excellent.
Your score falls within the range of scores, from 300 to 579, considered Very Poor. A 459 FICO® Score is significantly below the average credit score. Many lenders view consumers with scores in the Very Poor range as having unfavorable credit, and may reject their credit applications.
A credit score of 900 is either not possible or not very relevant. ... On the standard 300-850 range used by FICO and VantageScore, a credit score of 800+ is considered “perfect.” That's because higher scores won't really save you any money.