By: Chris McConville
President of Cure My Score

Almost daily I get asked why do I have so many different credit scores and which one is my real score.  I understand the frustration consumers have related to not knowing what their real scores are.

As of today, there are only two credit score models that are used in lending.  Keep in mind there are many additional scoring models that are either educational scores or creditor, self-built scores.  One would think with only two commercially available models to choose from, a consumer would only have two scores.  Nothing could be farther from the truth.

Estimates show that roughly 90% of credit decisions are made where lenders use a FICO score model.  The FICO score model was developed by Fair Issac and Company.  The other credit score model is called a Vantage Score.  In 2006, the Vantage Score model was created by the big three credit reporting agencies to compete with FICO.

So why do I have so many credit scores and which ones count? Continue reading...