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There are many different versions of the FICO credit score. Each of the three U.S. credit bureaus – Equifax, Experian and TransUnion – has many different generations and “flavors” of the FICO score, which has been developed specifically for them based upon their data. In addition to the classic FICO score you are may be familiar with, there are versions of the FICO score available from each bureau built to predict delinquencies in specific industries – bankcard, auto, installment, mortgage and personal finance.
Auto Industry version
Lenders in the auto industry, which include banks, dealers, and auto finance companies, usually use the auto industry version of the FICO score. This version is built specifically for the auto lending industry to predict that an auto loan will become 90 days or more past due within the next 24 months. As with the classic FICO score, the auto version differs at each bureau. There are at least two versions of the auto score at each bureau, because there is a transition period getting lenders to switch to a newer version. Just are there are many different version of Microsoft. Therefore, your score can also differ at each lender depending upon the credit bureau they use and the version.
FICO scores at myfico
When you order your credit report and FICO score from the myfico.com site, you have a choice of the Equifax or TransUnion version of the FICO score. The Experian version is not available for consumers to purchase. None of the industry specific versions, including the auto version are available for consumers to purchase. Therefore, the score you receive will not be the same.
Since there are many versions of the FICO score, the decision was made to make things less complicated and only offer the classic FICO score to consumers. You would have to pay for a different FICO score based upon what loan you were applying for. In addition, you would need to know which bureau the lender was using.
The classic FICO score gives you an overall rating. If your classic FICO score is good and you have paid or are paying your auto loan on time, including all of your other obligations, your auto score will also be good. If you have been delinquent on your auto loan, then your FICO auto score will be much lower than the classic score.
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Credit Reporting Expert, John Ulzheimer, is the President of Consumer Education at SmartCredit.com, the credit blogger for Mint.com, founder of www.creditexpertwitness.com and a Contributor for the National Foundation for Credit Counseling. He is an expert on credit reporting, credit scoring and identity theft. Formerly of FICO, Equifax and Credit.com, John is the only recognized credit expert who actually comes from the credit industry. You can follow John on Twitter here.
