The important FICO credit score update is when consumers order their credit scores online from FICO , consumers will now also receive mortgage, auto, and credit card score versions as well.
FICO is ramping up to gain an edge in the increasingly competitive credit score industry. In the last few years consumers have become more aware of the varied credit scores offered online by credit score sites that are trying for a share of FICO’s market. There are now many sites offering free credit scores/credit monitoring, and FICO is losing a hefty chunk of business with their $60 pricing for 3-bureau FICO scores.
Besides the increased competition, FICO has other reasons to offer more, including increased pressure from the Consumer Financial Protection Bureau, and many consumers realizing that the original FICO version offered to consumers is not the same as the version used by mortgage lenders.
So what does this mean for consumers?
Right now if consumers purchase a “FICO score 3-Report” it will come with up to ten other score versions. The ones we have focused on in this tip are the FICO 8 score (the score offered normally), the FICO mortgage score, auto loan FICO scores, as well as bankcard scores.
For example, we pulled credit today and here were the variations in scores:
● FICO 8 = 850
● FICO mortgage =805
● FICO 8 auto = 888
● FICO 8 bankcard = 887
Here are the ranges for these versions:
● Auto and bankcard versions= range from 250-900
● FICO 8 consumer and mortgage scores= range from 300-850
Please contact us with any questions!