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Common Questions

The most frequently asked questions regarding your credit.

What is VantageScore and is it the same as FICO?

VantageScore is a method to calculate creditworthiness, which was created by the big three credit reporting agencies (Experian, Equifax and TransUnion) as an alternative to the FICO (Fair-Isaac Corp.) score. The VantageScore rating system begins at 501 and tops out at 990 (FICO begins at 300 and goes to 850) and is available for purchase now. VantageScore creators claim that this method of creditworthiness analysis is more consistent than FICO and easier to understand.

Since VantageScore was created by the three major reporting agencies, one would think that the scoring method would be applied equally across the board. However, some creditors don't report to all three agencies. It is up to the consumer to get the creditor to report to all agencies in order to ensure scoring uniformity.

Both FICO and VantageScore use some common numbers (from 501 to 850). This practice can lead to confusion since the methods of calculation are different for each scoring program. This can translate into potential confusion for the consumer and potential creditor alike.

Contact the Credit Repair Attorneys at Smith & Garg today to get started!