Types of Credit Scores
Do you know you have over 56 credit scores with FICO®?
According to Bankrate, Experian and Equifax each provide 16 different FICO® credit scores to lenders alone. On top of that FICO® is just one of the many types of credit scores being used in the marketplace.
So how do you keep track of all the types of credit scores and which ones are most important?
Below we have compiled our top ten types of credit scores business owners like you should know.
Base FICO® Score versions – There are many types of FICO® score versions being used today but they all share a similar groundwork. As you know FICO® has updated its scoring formulas several times throughout the years to keep up with constant changes in the credit landscape. The newest version released is FICO® Score 9. While some lenders adopt new versions fairly quickly, some lenders make take years to upgrade. What’s important is that you check, monitor and optimize your base FICO® Scores prior to applying for funding.
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