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FICO Credit Scores Vs FAKO Credit Scores
The first observation of the difference between either one of such scoring models is stating the value of either one. What we realize is that FICO Scores are employed in over ninety % of lending choices. While on the other hand FAKO Scores are most often used for "educational purposes" and not lending choices.
The 3 major Credit Reporting Agencies (CRAs) Experian, Equifax and TransUnion must fork out Fair Isaac to license the proprietary FICO of theirs scoring algorithm. And so the three CRAs banded together to generate the Vantage credit rating for their own use and specifically meant to save themselves cash. However FICO was and still is the gold standard for lending/credit decisions.
What becomes even more intriguing is that the CRAs also promote & use their own unique Brand of scores also. TransUnion has got the Trans Risk Score with a score range of 300 - 850. Experian created as well as uses the Experian Plus Score which ranges from 330 - 830 and then there is The Equifax Credit Score that ranges from 280 - 850 in accordance with the Consumer Financial Protection Bureau (CFPB).
In case the Vantage rating is a good example of the differences between what values are used to develop these differing scores in that case , we are able to think that the single Brands of scores developed by every one of the 3 Bureaus should then be structured in a similar or same means. Which makes the following comparison of the Vantage to the FICO scoring designs and also the values used an important thing to make right here.
The first VantageScore ranges from 501 to 990 and also provides customers a letter grade from A to F. The newest model, Vantage Score 3.0, works on a scoring range from 300 to 850, the same as a FICO score uses.
Vantage Score 3.0 criteria, ranks FICO Score standards, ranks
Payment history (32 %), Payment history (35%)
bad credit loans guaranteed approval illinois utilization (23 %), Amounts owed (30%)
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