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What’s the difference between a FICO score and a credit score?

A man looking at a chart on a tablet.


A FICO score can actually impact your credit score.

A FICO score is different from a credit score.

A credit report is a three-digit summary of a consumer’s credit report and the numerical representation of their creditworthiness.

There are different models for calculating credit scores. The Fair Isaac Corporation (FICO) Score is one of the most popular scoring models. So, a FICO score is a credit score calculated using the FICO scoring model.

Just like every other credit score, the FICO score predicts a consumer’s creditworthiness and the risk they might present to a potential lender. This is calculated using the company’s proprietary algorithm and the details in the consumer’s credit report.

In very simple terms, a FICO score is a specific type of credit score because FICO is a company that uses its own model to calculate credit scores. There are other companies that use their algorithm to assess credit reports and compute credit scores, such as VantageScore.

It is noteworthy that your FICO score can vary depending on the credit bureau that furnished the information being analyzed. The top credit reporting bureaus are Experian, Equifax, and TransUnion.

More about the FICO Score

The FICO score ranges from 300 to 850. Scores between 300 and 579 are considered “poor”, while scores from 580 to 669 are deemed “fair.” “Good” scores range from 670 to 739, while scores from 740 to 799 rank as “very good.”

A FICO score that hits 800 or above counts as “exceptional.”

The company considers multiple factors in your credit report when calculating a FICO score. The factors are grouped into 5 different categories, which impact the score differently:

  • Payment history: 35%
  • Amounts owed: 30%
  • Length of credit history: 15%
  • New credit: 10%
  • Credit mix: 10%

Having pointed out the difference between a FICO score and a credit score, it is imperative to mention that errors in a credit report can cause a drop in your FICO score. This is because your FICO score is a type of credit score.

Our team at Consumer Attorneys contains experts in matters relating to credit scores. Should you have any issues, don’t hesitate to contact us

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