Fair Isaac Corporation was of the first organizations to develop the credit scoring model. This credit score was known as the people score and is still the commonest and most prudent credit scoring models used by consumers and businesses alike. In recent times many different scores have developed which are used by different lenders. Many specialized scores have also developed such as insurance scores and mortgage lending scores. The three different credit bureaus also use their own version of credit scores. Some banks also have a system to calculate their own credit scores. Different lenders such as mortgage and automobile lenders may use third-party vendors to calculate credit scores that are more accurate in predicting the risk to their specific business needs.
Most of the credit scores are calculated on the basis of information present on your credit or. Your credit score may differ across the different platforms and depending on which of the three credit what is being used. Difference in the algorithm used and the information on a credit report by result in different credit scores. However, ordering your FICO score is likely to present you with a fairly accurate picture of what your credit rating is like across all other platforms.