|
|
|
|
|
|
by fedorareis
1896 days ago
|
|
|
FICO has multiple scoring models https://www.myfico.com/credit-education/credit-scores/fico-s... and the majority of scores used by lenders are these scores. The scores you see when you log into those institutions is whatever is written into the contract with whichever bureau they pay to provide consumer credit monitoring. For Mint, Amex, CapitalOne and others it is a VantageScore 3 score provided by TransUnion. I thought I had previously seen a warning on a site that provided VantageScore 3 scores that they were just for educational purposes, but currently I’m just seeing disclosures similar to the one you quoted above. So yes you are right there are other scoring algorithms, but I believe FICO is still the one used by most lenders. Even if large financial institutions don’t generate their own scores they still have a copy of your credit report to use to make more detailed decisions. That is how you can have an incredibly high credit score and have a bank or a car dealership tell you that you don’t have enough lines of credit to qualify for the loan you want. |
|
|