Types of Credit Score

You must have heard people talking about their credit score, It should be the scores you have more than one. Every person has several scores but they don’t know them all. Credit scores are the kind of a variety pack of cookies you can get at any store. The only difference is that instead of having flavors, shapes, or sizes of cookies, you have several credit scores based on the credit reports on a variety of scales. But the question is how many credit scores are there? It can be hard to notify any specific figure as there are endless possibilities. Here are some types of credit score listed which you should definitely know.

The Credit Bureaus

There are three main credit bureaus – Equifax, Experian, and TransUnion. Each of them makes their own credit reports and they do not share the information. So the information you get from each of the credit reports will be different. This is the reason why the three bureaus have their own credit scores. All the bureaus generally work with two major scoring models i.e, FICO Score and Vantage Score.


FICO Score, abbreviated as the Fair Issac Corporation is one of the major scoring models.  This might be specific to the industry based on factors. These are the type of loan to which a consumer is applying, or customized for client-specific needs. FICO Scores began in 1989 and they use to update their formulas year-by-year. So different lenders use the different versions, adding to the list of available credit scores. According to some research data, there are nearly 50 FICO scores alone.

The latest version i.e, FICO Score 9.0 is launched in 2014. This update is done to embrace the reported rental history, as well as to decrease the negative factors of the unpaid medical collection archived accounts and paid third-party collections.

Other Credit Score Types

Jeff Richardson, a VantageScore Spokesperson says that, though the FICO Scores and the VantageScore are the most popular credit scores they are not the only ones that exist.

Also, it’s important to remember that several big lenders use the customized models built by in-house statisticians or external third parties,” Richardson said. “It is common for these customized scoring systems to use the risk scores based on the credit bureaus as an input.

How to View Your Credit Scores

If you are interested in finding out your credit score form any of the credit scoring agencies, you should make yourself able to directly request them by paying a small nominal fee. You can see your credit reports, the document which has your credit score from the bureau of your choice, free of the cost each year to a limit of a certain number of times. You can also request them for copies of the credit reports.

Some Tips To understand Your Credit Scores

There are several credit score providers available in the market and it can be puzzling that whom to look-up and whom to trust.

Richardson said, “we cheer up people to get their credit score calculated, but not to get obsessed on the many lenders available in the market”. It is true that if a consumer has good playability and good credit management, his credit scores will also be good. NO matter whatever the method be for it.

This simply says that the best thing one should do is to focus on good credit management. As these will reflect positively on you. If you do so, it does not matter which score a potential lender is looking at. This good credit management includes things like having a good payment history, resisting closing old accounts if possible. Also maintaining an effective credit utilization ratio.

If after the review of your score, you get to know that the thing is not going in the way as you wanted it to be in, there are certain things you can do to improve it. May it be paying your debts timely or limiting the hard inquiries made on your credit until your scores reboost.

You should go through your credit report carefully to identify the place of difficulty and hence, improving it.

If you want to know more about your credit scores, read out the article: Know Your Credit Score

For more updated info related to credit scores, read our latest articles regularly.

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