![]() ![]() The 4-H Name and Emblem have special protections from Congress, protected by code 18 USC 707. Reference to commercial products or trade names does not imply endorsement by MSU Extension or bias against those not mentioned. This information is for educational purposes only. ![]() Quentin Tyler, Director, MSU Extension, East Lansing, MI 48824. Issued in furtherance of MSU Extension work, acts of May 8 and June 30, 1914, in cooperation with the U.S. Michigan State University Extension programs and materials are open to all without regard to race, color, national origin, gender, gender identity, religion, age, height, weight, disability, political beliefs, sexual orientation, marital status, family status or veteran status. MSU is an affirmative-action, equal-opportunity employer, committed to achieving excellence through a diverse workforce and inclusive culture that encourages all people to reach their full potential. Only one website is authorized to fill orders for the free annual credit report you are entitled to under law - or by calling 1-87. It’s up to you to know which score your lender or creditor is using to determine your credit worthiness and important that you check your credit report for accuracy. The bottom line for consumers is there are many real credit scores used by lenders or creditors and they have no control over what’s reported to each credit bureau at any given time. ![]() The score is intended solely for your educational use.” In addition Experian provides an “Experian” credit score that ranges from 330 to 830. It may be calculated using the information contained in your Equifax, Experian and Transunion Credit Files. Equifax’s website states, “The Equifax Credit Score is a proprietary credit model designed by Equifax. However, there is more to the credit score story. ![]() VantageScore solutions reports that the VantageScore model and VantageScore credit scores are marketed and sold independently by Equifax, Experian and TransUnion through licensing agreements. FICO does not provide a letter grade for its score. VantageScore also gives consumers a friendly grade ranging from A-F in addition to the score. This is different from the traditional FICO score range of 350-850. In addition, the VantageScore was designed to enable more consumers with limited credit histories to receive a credit score for the first time when a credit check is completed.Īccording to Credit Builders Alliance the VantageScore is reported on a scale from 501-990 with higher scores representing better credit. So what is a VantageScore? The VantageScore was created by the three major credit reporting bureaus – Experian, TransUnion and Equifax – a as a general-purpose credit score that is an alternative to the FICO credit score. FICO derives its name from the Fair Isaac Corporation, the company that created the industry standard for credit scores. The FICO score has been the industry standard credit score used to determine more than 90 percent of lending decisions in the United States. No matter what you are buying – a home, a car or charging items on your credit card – lenders and other creditors use a credit score to assess the amount of risk they will be taking by lending you money. With various advertisements telling consumers how to access their credit score, how is a person supposed to know what score is the “real” score? Michigan State University Extension encourages consumers to educate themselves about their finances, particularly their credit report and credit score. ![]()
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