Older models, such as FICO 8, are still widely used for general lending, while FICO 9 and FICO 10 have been adopted by many lenders for their updated risk algorithms. An auto lender, for example, will use a FICO Auto Score, which places extra emphasis on your history of car payments and the age of your vehicle loan.
FICO 8 Versus FICO 9: Key Differences in Risk Algorithms and Scoring Models
These newer versions often weigh trends in repayment behavior more heavily and are more forgiving of medical collections. The Three Credit Bureaus and Their Data The primary reason for differing scores is that the information held by Experian, Equifax, and TransUnion is not identical.
These targeted models will intentionally produce different numbers than a standard FICO score. A card issuer, meanwhile, might use a FICO Bankcard Score that focuses heavily on credit utilization and payment patterns on existing credit cards.
FICO 8 Versus FICO 9: Key Differences in Risk Algorithms and Scoring Factors
The Role of Scoring Model Updates Frequent updates to scoring models mean that the rules used to calculate your score are constantly evolving. Lenders choose specific scores and bureaus based on historical performance data for their particular product.
More About Why fico scores are different
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