Credit Scores: What Banks Use Versus What The Consumer Gets Online
I have talked about this many times before. We as banks use the FICO scoring model where the scores range from 350-850 and we pull from all 3 credit bureaus; TransUnion, Experian, & Equifax. When you are pulling your credit score online as a consumer most times it is only from one bureau and using the Vantage scoring model that has scores as high as 950.
Here is a look of good information from MyFico.com on “Understanding My FICO Score.”
The article below from the Sun Sentinel talks about this too:
“This study highlights the complexities consumers face in the credit-scoring market,” said Richard Cordray, the agency’s director. “When consumers buy a credit score, they should be aware that a lender may be using a very different score in making a credit decision.”