Is FICO score the same as credit score?

FICO® Scores☉ and credit scores can be the same thing—but FICO® also creates different products, and other companies create credit scores. You can think of a credit score as the general name for a computer model that analyzes consumer credit reports to determine a score.

Why is the credit score different from FICO?

FICO scores are one brand of credit score. Your FICO score is based on the data in your credit reports. A FICO score is a three-digit number, typically on a 300-850 range, that tells lenders how likely a consumer is to repay borrowed money based on their credit history.

What is a FICO score and why is it important?

FICO Score is now one of the most popular, inexpensive, and reliable credit scores in the market. As such, banks and businesses rely on the FICO Score of a person to determine the risk of lending to the same. Even insurance companies are known to use credit scores in determining the risk of a person being insured.

Which FICO score do mortgage lenders use?

The FICO Score is a three-digit number between 300 and 850 that helps lenders determine your creditworthiness. The higher your score, the more likely you are to repay your debts. Mortgage lenders generally use the median credit score out of the three unless two of your scores are the same in which case that is the score your lender uses.

Does Credit Karma show Fico?

Credit Karma provides accurate and up-to-date information about your credit score and report, but it does not offer FICO scores. The credit scores on Credit Karma come from TransUnion ( NYSE : TRU) and Equifax Inc. (NYSE: EFX ), which represent two of the three major credit bureaus.

What is a good credit score range?

According to Experian, one of the three major credit bureaus, here are the credit score ranges: Excellent: 750 to 850 Good: 700 to 749 Fair: 650 to 699 Poor: 550 to 649 Very poor: 300 to 549