Is there more than one credit score?

There are hundreds of credit scores. One of the most common misunderstandings about credit scores is that there is only one credit score. There are many different credit scores used by lenders, banks, credit card companies, service providers and even insurance companies. The most commonly known credit score is the Fair Isaac Company* (FICO*) model used by Equifax*, Experian* and TransUnion*. Each bureau has its own version of the FICO score, but the most common FICO Score® sold by the three major credit bureaus is FICO Score® 8. This model has been available since 2008 and includes the ability to include your phone, internet and utility accounts in the calculation of the credit score. FICO Score® 9 became available in 2013 and includes your rental payment in the calculation of the score. It's very important to understand that this information is only included in your score if it is scored in the core credit file that is used to create your FICO Score® 8 or FICO Score® 9. If your information is stored in a separate data base at the credit bureau, it will probably not be used in the calculation.

These scores are the credit scores that are most commonly used by banks, credit card issuers, and most types of financial institutions, as well as most service providers and many property management companies. Mortgages use an older version of the FICO Score® which does not include your phone, internet and utility accounts in the calculation of your credit score.

Some financial institutions and CRA's have developed other proprietary scores, and the three bureaus have also jointly developed a shared scoring model called the VantageScore*. The VantageScore is very popular with financial institutions that offer unsecured products like credit cards, personal loans, student loans and auto loans.