The most widely used credit score is the FICO Score.
The FICO score is a mathematical model that is used to depict a consumers’ risk of going 90 days late on an account within the next 24 months.
Lenders use the FICO Score to help them make billions of credit decisions every year. FICO calculates the FICO score based solely on information in consumer credit reports maintained at the credit reporting agencies. FICO credit scores range from 300 to 850.
That FICO Score is calculated by a mathematical equation that evaluates many types of information from your credit report, at that credit reporting agency.
By comparing this information to the patterns in hundreds of thousands of past credit reports, the FICO score estimates your level of future credit risk.
You have three FICO credit scores, one for each of the three credit bureaus: Equifax, TransUnion and Experian.
Each FICO Score is based on information the credit bureau keeps on file about you.
The FICO Score from each credit reporting agency considers only the data in your credit reports at that agency. Your credit score may be different at each of the main credit reporting agencies.
If your current scores from the credit reporting agencies are different, it’s probably because the information those agencies have on you differs.
If your information is identical at all three credit reporting agencies, each FICO Score should be very close.
For your FICO Score to be calculated, your credit report with the bureau from which you want your score must contain enough information—and enough recent information—on which to base your credit score.
Generally, that means you must have at least one account that has been open for six months or longer, and at least one account that has been reported to the credit reporting agency within the last six months.