If you monitor your credit using a free website, chances are, you’ve seen your VantageScore. However, you may not realize that this credit score is not your FICO score.
So what is a VantageScore credit score, and how is it different from a FICO credit score? Is one better than the other? We’ll compare and contrast the two types of credit scores and discuss the merits of each in this article.
What Is a Vantage Credit Score?
The VantageScore credit score, which is sometimes referred to as a “Vantage credit score,” is a credit scoring model created in 2006 by the three major credit bureaus (Experian, TransUnion, and Equifax) to compete with FICO’s credit scoring models.
VantageScore is a tri-bureau credit score, meaning the exact same model is used at each credit bureau.
The most commonly used version of the VantageScore used by lenders today is the third iteration of the credit scoring model, VantageScore 3.0.
VantageScore Solutions, LLC has released VantageScore 4.0, which is supposed to be more accurate than previous versions, but since it takes lenders a long time to adopt new credit scoring models, most are still using VantageScore 3.0.
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