The Difference Between FICO and FAKO Credit Scores

Any credit score that is not FICO is a FAKO credit score.

The difference between a FICO and FAKO credit score is really that simple. The credit score that was originally devised by the Fair Isaac Corporation is known as a FICO score. It is for of the most widely and commonly used credit score by many lenders and finance institutions. In fact many people use FICO score as synonymous with credit scores without being aware that there are other credit scores as well. However credit score is a general term whereas FICO credit score is a brand.

FAKO is just another term in the credit rating language jargon to quickly identify any credit score that is not a FICO score.

There are several other credit score being used by different lenders when the three national credit bureaus also having their own separate credit scores. At the time of writing if this post, the three credit bureaus continue to use FICO credit scores they have come up with your own system as well. Equifax has PLUS, Experian has BEACON and TransUnion has EMPIRICA.

Recently a new credit score called VantageScore has developed with co-operation amongst the three national credit bureaus. It is the only form of credit score that is supposed give uniform results across the three national credit bureaus provided the information in used is same.

If you are concerned about checking your credit score and confused between which one to check and follow them there are two things that you can do in this situation. You can either find out which credit score your lender uses and check that particular credit score for the purpose of knowing how your credit application is going to stand in review with that particular lender. However, if you want to get a general idea of your credit score then your best bet would be to check your FICO credit score from The odds are that whatever credit rating your FICO score reflects will hold true across other credit scoring models as well.

You should bear in mind that there are several specialized credit scores that certain and lenders use to serve their lending purposes better. A mortgage lender may use a mortgage score whereas an insurance something may use an insurance score. However, it is most likely that if your FICO score is good then so will the other versions.

Leave a Reply