Are there different types of credit scores?

by josie_rohan , in category: Banking and Credit , 5 months ago

Are there different types of credit scores?

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1 answer


by joelle , 4 months ago


Yes, there are different types of credit scores. The most commonly used credit scoring models are FICO (Fair Isaac Corporation) and VantageScore. Both models use different formulas and algorithms to calculate credit scores. Additionally, within the FICO and VantageScore models, there are different versions or iterations that have been updated over time. These versions may use different scoring ranges and weigh certain factors differently. Each credit scoring model and version may generate slightly different credit scores for an individual, which can vary depending on the data used and the scoring model's specific characteristics.