Credit Report & Scores » Score Advice » What’s the difference between a VantageScore vs. FICO score?

What’s the difference between a VantageScore vs. FICO score?

The VantageScore and the FICO score are two different scoring models used by lenders to assess risk and creditworthiness. It’s like saying Ford and Chevrolet. They are two different companies the produce credit scores.

Both companies develop systems that calculate credit scores representing the risk of default on a loan or other credit relationship. Although the newest VantageScore (3.0) and the traditional FICO scores both use a scoring range of 300-850, they evaluate the information in your credit report slightly differently.

Keep in mind, the scoring systems produced by VantageScore and FICO are not the only ones used by lenders. In fact, there are many different credit scores used by lenders and other businesses, with a wide range of scales.

While there are many different scores, the same principles for improving your credit score apply across the board. They all use the information from your credit report to do the calculation. So, it’s essential to understand the risk factors that are currently affecting your score. Those factors tend to be consistent from one credit score to another, even though the numbers can be quite different.

By focusing on the risk factors to improve your credit history over time, you can make all of your credit scores better.

You can see a side by side comparison of the VantageScore and FICO score and their ranges on the Ask Experian blog.

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Scoped on: 11/29/2016