Is A TransUnion Credit Score The Same As FICO?

September 24th, 2013 | Author:

[T]ransUnion is one of  three credit reporting bureaus in the United States and has been in existence for over 40 years. The credit score that it sells on their website is the lesser known proprietary Vantage credit scoring system.

Is A TransUnion Credit Score Accurate?
When your creditors furnish information about your current status with them along with your history with that lender, a credit file is started with TransUnion and is updated  timely depending on the lending institution.  Any credit score that is calculated from this stored data in your credit file will be accurate to the extent that the original information furnished to TransUnion was correct and without errors.

So you are confused, you say because all you ever heard about was a FICO score and now you find out that the score that TransUnion sells on their site is this Vantage score.  You are right in your thinking that the FICO credit score is the most well known scoring system and used by 90 out of 100 top lenders in this country to rate your credit worthiness.

Well if that is so then why is TransUnion selling this Vantage score if it is not really used? The FICO credit score which is based on your credit file housed at TransUnion can only be purchased through FICO’s website, www.myfico.com.

The Vantage credit score generated by TransUnion is based on a different rating system than is calculated under the FICO scoring profile.  Since it was started in 2006 its usage has not caught on with the top lenders in the country.

How Can I Find Out My Credit Score?
TransUnion makes available the purchase of its Vantage credit score, which incidentally should be used for educational purposes rather than a highly accurate barometer for what your actual credit worthiness could be. The score can be purchased online for 9.95 or by phone for only 7.95.  To purchase a FICO credit score based on your Transunion credit file go to www.myfico.com.

That is why it is recommended that you check your credit report more than once a year for accuracy.

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