Different Credit Scores Confuse Consumers

FICO is the company that developed the credit scoring system is being used by creditors to make decisions on extending credit. FICO may have had just one score per consumer at one time, but now FICO itself has many different scores. In fact, as reported in the NY Times, a writer with Creditsesame.com counts 49 different versions of your credit score under the FICO umbrella. Why so many? FICO uses credit data collected by the three major credit bureaus (Equifax, Experian and TransUnion) to create a single, three-digit score. FICO has three versions of the basic score, using data from...

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