Table of Contents
Most consumers have several credit scores rather than one universal number. That is because credit bureaus maintain separate credit reports, while scoring companies apply different formulas to the information in those reports.
FICO® is a scoring model created by Fair Isaac Corporation. Equifax®, TransUnion®, and Experian® are credit reporting agencies. The agencies collect and maintain credit information, while FICO and VantageScore® use that information to calculate credit scores. The Consumer Financial Protection Bureau explains that lenders use FICO scores to help evaluate how likely a person is to repay borrowed money.
A score can differ based on:
• The credit bureau supplying the report — Equifax, TransUnion, or Experian
• The scoring model and version — FICO or VantageScore
• The date the information was reported
• The information currently listed on the credit report
• The type of credit being considered, such as a mortgage, auto loan, or credit card
Key Points
• A FICO Score is a three-digit credit score calculated from information in a credit report.
• TransUnion and Equifax are credit reporting agencies, not credit scoring models.
• FICO and VantageScore are separate scoring models that may produce different results from the same credit report.
• TransUnion and Equifax can show different scores because their reports, update dates, and available account data may differ.
• The score that matters most is usually the version and bureau a lender uses for a particular application.
How Credit Scores Work
FICO Scores
A FICO score is a three-digit number that estimates credit risk based on information in a consumer’s credit report. FICO scores generally range from 300 to 850.
FICO identifies five main factors that affect its scores:
• Payment history: 35%
• Amounts owed: 30%
• Length of credit history: 15%
• Credit mix: 10%
• New credit: 10%
These percentages describe the general FICO scoring model. The effect of a specific account or event can vary by a person’s overall credit profile. Consumers can learn more about the factors that affect a FICO score.
A higher score can improve your chances of approval for loans and credit cards, and may help you qualify for lower interest rates. Keep in mind that lenders also consider income, existing debt, loan terms, and other application details.
VantageScore
VantageScore was developed by Equifax, Experian, and TransUnion. It uses credit report information to estimate credit risk and generally ranges from 300 to 850.
VantageScore considers factors such as:
• Payment history
• Credit utilization
• Account age
• Total debt
• Recent credit inquiries
VantageScore can calculate a score with a shorter credit history than some FICO models. Its score categories are commonly shown as:
• 781–850: Excellent or Superprime
• 661–780: Good or Prime
• 601–660: Fair or Near Prime
• 300–600: Poor or Subprime
• 300–499: Very Poor or Subprime
FICO Score and VantageScore Comparison
FICO and VantageScore are both credit scoring models, but they use different formulas and may use different versions of the information in a credit report.
| Feature | FICO score | VantageScore |
|---|---|---|
| Scoring company | Fair Isaac Corporation | VantageScore |
| Data source | Equifax, Experian, or TransUnion credit report | Equifax, Experian, or TransUnion credit report |
| Common range | 300–850 | 300–850 |
| Result | May differ by bureau, model, and reporting date | May differ by bureau, model, and reporting date |
The difference between a FICO score and a VantageScore is the scoring formula and version. The same credit report can produce different scores under each model. Read more about the differences between VantageScore and FICO Scores.
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TransUnion and Equifax Reports
How TransUnion Works
TransUnion is a credit reporting agency. It collects payment and other information about consumers to create consumer credit reports.
TransUnion does not have one universal “TransUnion score.” A score associated with TransUnion may be a FICO score, a VantageScore, or another model calculated from TransUnion report data.
How Equifax Works
Equifax is also a credit reporting agency. It collects and maintains consumer credit information.
An “Equifax credit score” usually means a score calculated from Equifax report data. The scoring model may be FICO, VantageScore, or another model provided through a financial institution or credit monitoring service.
Equifax does not determine a consumer’s creditworthiness by itself. A lender selects the scoring model, bureau, and other application information it uses.
Why TransUnion and Equifax Scores Can Differ
A TransUnion score can be lower than an Equifax score because the two bureaus may have different information or update that information at different times. For example:
• One bureau may have received a recent payment or balance update.
• A lender may report to one bureau before another.
• An account may appear on one report but not the other.
• The reports may contain different personal information or account histories.
• The providers may use different scoring models or versions.
• The scores may be calculated on different dates.
A difference between TransUnion and Equifax does not automatically indicate an error. Consumers should compare the underlying reports and dispute information that is incomplete or inaccurate.
Which Score Matters Most?
No single credit score is universally the most accurate. The most relevant score is generally the one that matches the lender, product, credit bureau, and scoring model used for the application.
For example, a credit card issuer may use a different score from a mortgage lender. A score shown in a credit monitoring account may be an educational VantageScore, while the lender uses a FICO score.
Consumers can improve their understanding by checking:
1. Which bureau supplied the data.
2. Which scoring model calculated the score.
3. Which model version was used.
4. The date the score was updated.
5. Whether the score is designed for a specific type of lending.
Monitoring more than one report can help identify errors and explain score differences. It does not guarantee that a lender will use the same score a consumer sees.
Getting Free Scores and Reports
Checking a Credit Score
Consumers may be able to check a credit score for free through:
• A credit card issuer or bank
• A credit union
• A credit monitoring service
• A lender that provides a score during an application
• A personal finance platform
Many free services provide a VantageScore rather than a FICO score. The provider should identify the scoring model, bureau, and update frequency. Consumers can also learn more about how to check a credit score without paying.
SoFi Coach provides credit score monitoring with weekly updates at no cost. Consumers can use it alongside account tracking and other financial insights. Score availability and refresh frequency depend on the provider.
Credit score alerts are usually available through a bank, credit card issuer, or credit monitoring service. Consumers can sign up through the provider’s credit monitoring or account-alert settings. SoFi Coach users can learn about its monitoring features through credit score monitoring.
Some providers refresh scores daily, while others update them weekly, monthly, or when new information is received. A daily refresh does not necessarily mean that the underlying credit report changed that day.
Getting a FICO Score for Free
Consumers may find a free FICO score through:
• A credit card issuer or bank that includes FICO access
• A lender or financial institution that provides the score as a customer benefit
• A credit education or monitoring service that specifically identifies its score as FICO
Consumers should look for the words “FICO Score” and confirm the bureau and score version. A free credit score is not necessarily a free FICO score. If a provider does not identify the model, the score may be a VantageScore or another educational score.
Getting Free Credit Reports
A credit report contains account and payment information. A credit score is a number calculated from some of that information. Consumers should review both because a report can reveal the reason for a score change.
The Fair Credit Reporting Act gives consumers access to a free report from each nationwide credit reporting agency at least once every 12 months. During the Covid pandemic, the credit reporting agencies made free reports available every week, and in 2024, announced the new cadence is permanent. AnnualCreditReport.com currently provides free weekly online reports from Equifax, Experian, and TransUnion. It is the federally authorized website for these reports.
Consumers can request reports through:
1. AnnualCreditReport.com
2. 1-877-322-8228
3. The Annual Credit Report Request Form by mail
4. A credit bureau’s website
The Federal Trade Commission explains how consumers can request, review, and dispute free credit reports.
Consumers should check reports for:
• Incorrect names or addresses
• Accounts they do not recognize
• Incorrect payment statuses
• Outdated collection accounts
• Incorrect account balances or credit limits
• Duplicate accounts
• Hard inquiries they did not authorize
A consumer can dispute inaccurate information with the credit bureau that displays it and with the company that supplied the information.
Understanding Credit Score Ranges
A good FICO score generally falls between 670 and 739 on the 300-to-850 scale. Scores from 740 to 799 are often considered very good, and scores of 800 or higher are exceptional. Lenders use their own approval criteria, so a score range does not guarantee approval or a particular interest rate. See the common credit score ranges.
VantageScore uses the same general 300-to-850 range but assigns its categories differently. A good VantageScore is commonly listed as 661 to 780.
There is no single official average credit score across all consumers because averages depend on the scoring model, bureau, population, and reporting date. A published average should always identify those details. Consumers should compare their score with the range for the model being used rather than with an undated national average.
Steps that can support a stronger credit profile include:
• Make payments on time.
• Keep revolving credit utilization low.
• Avoid applying for several new accounts in a short period.
• Keep older accounts open when appropriate.
• Review all three credit reports for errors.
• Manage different types of credit responsibly.
Learn more about how long it can take to build credit.
The Takeaway
FICO is a credit scoring model. TransUnion and Equifax are credit reporting agencies that collect and maintain credit information. A FICO score or VantageScore can be calculated from data supplied by either bureau. Scores can differ because of the scoring model, model version, bureau data, reporting date, and type of credit being considered. The score most relevant to a lending decision is usually the one that matches the lender’s selected bureau and model.
Consumers can monitor scores through banks, credit card issuers, and services such as SoFi Coach. Reviewing all three credit reports through AnnualCreditReport.com can help consumers identify errors and understand changes in their scores.
Take control of your finances with SoFi Coach. You can easily view all of your accounts in one convenient dashboard: bank and investment balances, current debts, spending breakdowns, and credit score. Easily set up budgets and spot upcoming bills. And get personalized insights on everyday money questions and take action with Coach chat, the AI guide that’s powered by the playbooks of SoFi Financial Planners, so its guidance comes from expert knowledge.
FAQ
Do banks look at TransUnion or Equifax?
Banks, credit unions, and other lenders may review a TransUnion, Equifax, or Experian report. They may also use a FICO score, VantageScore, or an industry-specific scoring model.
Lenders generally do not disclose every bureau and scoring version used for each application. Consumers can ask the lender which model it uses, although the lender may not provide that information before an application.
Why is a FICO score different from another score?
A FICO score may differ from another score because the two scores use different models, versions, bureaus, reporting dates, or account information. A FICO score may be calculated from a TransUnion report, while another score may use Equifax data and the VantageScore model. Small differences are common. A large difference may justify reviewing the underlying credit reports for missing or inaccurate information.
Is a FICO score higher than an Equifax score?
A FICO score can be higher or lower than an Equifax-based score. “Equifax score” describes the report data source, while “FICO Score” describes the scoring model. The result depends on the Equifax report, the FICO or VantageScore version, and the date each score was calculated.
What is a good FICO score?
A FICO score of 670+ is generally considered good. A score of 740 or higher may help a borrower qualify for better offers and lower interest rates, although lenders also consider income, debt, loan type, and other application information.
How often does a credit score update?
A score updates when the provider receives new information and recalculates the score. Some providers refresh daily, while others refresh weekly or monthly. SoFi Coach’s credit monitoring service provides weekly updates. Consumers should check the provider’s disclosure for the exact schedule.
Where can consumers sign up for credit score alerts?
Consumers can sign up for alerts through a bank, credit card issuer, or credit monitoring service. Available alerts may include score changes, new accounts, hard inquiries, and changes to credit report information. Consumers can review the alert settings in their financial account. SoFi Coach provides credit monitoring and weekly score updates through its financial insights platform.
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