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What Is FICO & What Is VantageScore?

Shortened from Fair Issac Corporation, FICO created the first standardized scoring model. FICO scoring has multiple versions of its scoring model, and depending on the model, their scores are widely used in 90% of lending decisions in America.

VantageScore entered the picture around 2006 to compete with FICO and although it is managed independently, it was founded by Equifax, Experian and Transunion which are the 3 major credit bureaus.

And while VantageScore isn't as widely used as FICO, its scoring model is the only version to incorporate data from each credit bureau. In fact, the company states that because of this, it is able to calculate scores with greater "consistency, predictability and accuracy".

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