We get lots of questions about credit scores and we find that there still is a lot of confusion about which scores are FICO and what the difference is.

Most lenders in the U.S. use the FICO scoring system to determine loan eligibility. FICO scores range from 300 to 850 and each of the three credit bureaus have their own FICO score.  Click here for info on the different bureaus' score names.

Because of increasing consumer awareness about credit scores, the credit bureaus, TransUnion, Equifax, and Experian, have developed their own scores to sell to people.  They even got together a few years ago and created the Vantage Score to sell to lenders and try to get them to switch from FICO scores.  By the way, it hasn't caught on.

Some of the confusion has to do with calling all credit scores FICO scores.  This is like calling all facial tissues "Kleenex" or all cotton swabs "QTips", no matter which brand it is. 

When someone calls us to say they bought their FICO scores, we always ask where they got them.  If the answer is, "Well, we signed up for this free trial that we can cancel and they gave us our scores", then we know they probably did not get actual FICO scores.

While we strongly encourage people to start checking their own credit and learn about building better credit scores, spending your money on non-FICO scores really doesn't do anything for you.  Especially if you are planning to apply for a major loan in the near future such as a mortgage, refinance or auto.  Most lenders, especially in the mortgage industry, look at the consumer's middle, or 'mid', score to determine loan approval, which is why it is important to have an overall plan to grow good credit.

Before you purchase your scores, read the fine print to find out if it is a true FICO score.  If you can't find the information, call or email the company to ask. 

You can get your Equifax and TransUnion complete credit report with actual FICO scores at the website of the company that created FICO scores, Fair Isaac Corporation.  In February 2009, Experian stopped making their credit files available to Fair Isaac Corp, stopping consumers from obtaining all three of their own FICO scores. 
NOTE: The scores offered on Experian's website are the "Plus Scores", NOT a FICO score.

You can ask the lender ahead of time if they have a preference for one report over another.  You can also ask them what their minimum score criteria is and if they use the mid score for loan approval.  Then tell them what your two FICO scores are to see if it is worth their time and yours to go in and apply.  Remember, at least with the actual FICO scores, you're getting a pretty good apples-to-apples comparison with the lender.

Bottom Line:
Check your own credit regularly to make sure your report is accurate. 
When you spend money on credit scores, make them FICO scores.

For your personal Credit Analysis with strategies to improve the five parts of your credit score, click here.