Credit Score Insight » FICO score http://www.creditscoreinsight.com Sat, 05 Sep 2009 00:39:53 +0000 http://wordpress.org/?v=2.9.2 en hourly 1 Whats a FICO score http://www.creditscoreinsight.com/whats-a-fico-score http://www.creditscoreinsight.com/whats-a-fico-score#comments Fri, 06 Feb 2009 05:04:57 +0000 http://creditscoreinsight.com/?p=24 Yet Another Related Posts Plugin.]]> Is it a FICO score or a credit score?  You should think about FICO scores as a brand of credit scores.  Think about Hoover and vacuum or tissue and Kleenex.  The term credit score is a much more general term.  Actually there is an estimated 1,000 plus different credit scores.

FICO score is not the only brand of credit score.  There are others like the VantageScore or Beacon Score.  FICO is the most recognized and widely used credit score.  You pretty much can’t apply for a mortgage without a review of your FICO score.  Also, the FICO formula is a lot of the time the basis for the other scoring formulas.  For example a beacon score is often recognized as a FICO score from Equifax.

One reason why that FICO score are so popular is they were developed by a company called Fair Isaac.  These guys pretty much invented credit scores.  They have been refining this formula for 50 plus years.  They have proven the FICO scores reliability.

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