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Q & A - Questions and Answers
What is the difference between FICO and VantageScore?
An issue of growing concern is that VantageScore has reassigned score values based on letter grades. This deviates from the already established credit score values that were developed by Fair Issac and Co. over two decades ago, otherwise known as FICO. It remains to be seen how VantageScore will play out in the marketplace and what it will mean for FICO scores. However, the Big Three bureaus are heavily marketing VantageScore to lenders and creditors and are avidly pushing for an entire conversion. This collaboration was to benefit the bureaus, not the consumer.
The scoring is as follows:
VantageScore
- 901-990 = A
- 801-900 = B
- 701-800 = C
- 601-700 = D
- 501-600 = F
FICO Score
- 720 and above = Excellent
- 680-720 = Good
- 620-680 = Fair
- 620 and below = Poor
We don't know which system will dominate or if VantageScore and FICO will simply co-exist, let's just hope that a 720 FICO is equivalent to a 920 VantageScore. Otherwise most consumer's credit scores would receive a C grade or lower.
FICO is a registered trademark of Fair Isaac Corporation.
VantageScore is a registered trademark of VantageScore Solutions, LLC.
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