If FICO makes more than one credit score, which one should you order
As if worrying about different credit scores from different service providers was not enough, Fair Isaac Corporation itself makes more than one credit score. However, the good news is that these scores are usually created to serve specific lender needs and requirements. These are not available to consumes anyway. As far as you are concerned you will get your standard FICO score when you order it from www.myfico.com.The only variations could be in your 3 different FICO scores based on 3 different credit files with Experain, TranUnion and Equifax.
So essentially you have 3 FICO scores from each credit bureau and they all could differ each other, though not by much in most cases, due to different information in your credit file with each credit bureau.
A common confusion among consumers is regarding different credit scores from different credit scoring models. A common misconception amongst people is that there is one credit score and it is called the FICO credit score. FICO is indeed the pioneers of credit score calculation. It was developed by Fair, Isaac Corporation. While initially there was one FICO score today even the Fair, Isaac Corporation develops several different credit scores all of which are commonly referred to as the FICO score. Any score that is about by the Fair, Isaac Corporation is called the FICO score although there are different credit scoring models designed to be used by different kind of lenders. The kind of FICO score that is developed for the use of many kind of lenders and lending decisions are called generic scores. Besides these there are specialized and specific FICO scores meant for different kind of lending purposes such as automobile loans, mortgage loans etc.. There are even super specialized FICO score is designed for use by only one specific lender according to the requirement of the business. The most well known brand names of some Fair Isaac models are NextGen and FICO Classic Score.
The summary of this is that there are several credit scoring models in use today. Some estimates that these number in more than 1000. FICO scores are the credit scoring models are blocked by Fair, Isaac Corporation while FastStart is a credit scoring model that has been produced by Experian-Scorex which is a competitor to Fair, Isaac Corporation.