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Different Types Of Credit Scores For Credit Repair

by | Apr 2, 2024 | News

Credit scores can differ based on the scoring methods used by lenders and credit agencies. Here are some common types of credit scores often utilized in the process of credit repair:

1. FICO Score: FICO scores, created by the Fair Isaac Corporation, are widely employed in assessing creditworthiness. Ranging from 300 to 850, they rely on data from Equifax, Experian and TransUnion.

2. VantageScore: This scoring model, developed by major credit bureaus, also ranges from 300 to 850 and assesses creditworthiness similarly to FICO scores but may prioritize certain factors differently.

3. Credit Karma Credit Score: Offered by Credit Karma using data from Equifax and TransUnion, these scores provide a general overview of one’s credit status.

4. Experian Credit Score: Experian offers its own credit scoring system based on its reports, which can be useful for tracking overall credit health.

5. TransUnion Credit Score: In a similar vein, TransUnion also furnishes consumers with credit scores derived from the information in their credit reports. While these scores might show variations from other scoring systems, they still offer valuable insights into one’s creditworthiness.

6. Equifax Credit Score: Equifax, too, provides credit scores based on the data in their credit reports, enabling consumers to keep tabs on their credit well-being. Just like other bureau specific scores, Equifax scores may not align perfectly with FICO or VantageScore.

7. FICO Auto Score: FICO also offers specialized credit scores tailored specifically for auto loans. These scores are utilized by auto lenders to evaluate the risk associated with financing a vehicle purchase.

8: FICO Bankcard Score: FICO Bankcard scores are crafted specifically for credit card companies to assess the risk of extending credit to individuals. These scores might exhibit slight discrepancies from traditional FICO scores.

When engaging in activities related to credit repair, it is crucial to monitor all pertinent credit scores and reports to track progress and pinpoint areas that need improvement. Moreover, comprehending the factors influencing credit scores and addressing any negative entries on credit reports can contribute towards enhancing overall credit well-being.