The most accurate credit scores are the latest versions of the FICO Score and VantageScore credit-scoring models: FICO Score 9/10 and VantageScore 3.0/4.0. It is important to check a reputable, accurate credit score because there are more than 1,000 different types of credit scores floating around.
The Credit Scores Lenders Check
If your objective is to see the exact credit score lenders will use to evaluate an application to borrow, that isn’t possible. Lenders interpret credit data from the major bureaus in different ways, using publicly available credit data as the basis for their own proprietary credit score models. A car loan lender might weigh on-time car payments more heavily than mortgage payments, for example.
Checking the same credit score a lender uses isn’t really necessary, either. Your credit score shouldn’t vary too much from one credit-score model to another. Analysis from the Consumer Financial Protection Bureau found different scoring models put consumers in the same credit-quality category 73-80% of the time. So, if you have a good credit rating from one model, you’d likely have the same from another.
Best Way to Track Your Own Credit Score
The best approach is to track your credit score from one reputable source over time. Choosing one model to follow makes any variations in your score from model to model a moot point, and tracking your score’s overall trend – whether it’s increasing or decreasing – can tell you more than your specific credit score number at a given time.
If your score is increasing, good job! You’re doing the right things, so keep it up. This upward trend shows your reliability as a borrower and is an indication that, with time, you will be eligible for better borrowing terms and rates.
If your score is regularly decreasing, this could be a sign of poor credit habits and could clue you into changes you need to make in your personal finances.
How to Easily Check Your Credit Score for Free
You can check you credit score and get personalized credit-improvement tips for free here at WalletHub.
This answer was first published on 06/15/23. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.
FAQs
The primary credit scoring models are FICO® and VantageScore®, and both are equally accurate. Although both are accurate, most lenders are looking at your FICO score when you apply for a loan.
Which credit report is the most accurate? ›
Simply put, there is no “more accurate” score when it comes down to receiving your score from the major credit bureaus.
Which credit score gets checked the most? ›
FICO scores are generally known to be the most widely used by lenders. But the credit-scoring model used may vary by lender. While FICO Score 8 is the most common, mortgage lenders might use FICO Score 2, 4 or 5. Auto lenders often use one of the FICO Auto Scores.
Is Experian or Credit Karma more accurate? ›
Experian vs. Credit Karma: Which is more accurate for your credit score? You may be surprised to know that the simple answer is that both are accurate. Read on to find out what's different between the two companies, how they get your credit score, and why you have more than one credit score to begin with.
Is my FICO credit score accurate? ›
The FICO® Score is used by lenders to help make accurate, reliable, and fast credit risk decisions across the customer lifecycle.
What credit score do most lenders use? ›
For the majority of lending decisions most lenders use your FICO score. Calculated by the data analytics company Fair Isaac Corporation, it's based on data from credit reports about your payment history, credit mix, length of credit history and other criteria.
Why is my FICO score 100 points lower than Credit Karma? ›
Your FICO Score is a credit score. But if your FICO score is different from another of your credit scores, it may be that the score you're viewing was calculated using one of the other scoring models that exist.
Which FICO score matters the most? ›
For other types of credit, such as personal loans, student loans and retail credit, you'll likely want to know your FICO® Score 8, which is the score most widely used by lenders.
Which credit score do most companies look at? ›
An Industry Standard for over 30 years
FICO ® Scores are used by 90% of top U.S. lenders. FICO ® Scores are also used in over 30 countries.
What is a good credit score by age? ›
How Credit Scores Breakdown by Generation
| Average FICO 8 Score by Generation |
|---|
| Generation | 2022 | 2023 |
|---|
| Generation Z (ages 18-26) | 679 - Good | 680 - Good |
| Millennials (27-42) | 687 - Good | 690 - Good |
| Generation X (43-58) | 707 - Good | 709 - Good |
2 more rowsThey may differ by 20 to 25 points, and in some cases even more. When Credit Karma users see their credit score details, they are viewing a VantageScore, not the FICO score that the majority of lenders use. A VantageScore has the same credit score range as FICO, and uses some of the same information as a FICO score.
What is the best way to check your credit score? ›
There are a few main ways to get your credit scores.
- Check your credit card or other loan statement. Many major credit card companies and other lenders provide credit scores for their customers. ...
- Talk to a nonprofit counselor. ...
- Use a credit score service.
The credit score required and other eligibility factors for buying a car vary by lender and loan terms. Still, you typically need a good credit score of 661 or higher to qualify for an auto loan. About 69% of retail vehicle financing is for borrowers with credit scores of 661 or higher, according to Experian.
What is the most reliable credit score check? ›
The primary credit scoring models are FICO® and VantageScore®, and both are equally accurate. Although both are accurate, most lenders are looking at your FICO score when you apply for a loan.
Is a FICO Score of 8 good or bad? ›
FICO 8 scores range between 300 and 850. A FICO score of at least 700 is considered a good score. There are also industry-specific versions of credit scores that businesses use. For example, the FICO Bankcard Score 8 is the most widely used score when you apply for a new credit card or a credit-limit increase.
What's my true credit score? ›
The first step you can take towards finding your FICO Score is by checking with your bank or credit union. Hundreds of banks and credit unions partner with FICO through its Open Access Program. If your bank or credit union partners with FICO, log in to your account online.
Is Equifax or TransUnion more accurate? ›
Neither your TransUnion or Equifax score is more or less accurate than the other. They're just calculated from slightly differing sources. Your Equifax credit score is likely lower due to reporting differences. Nonetheless, a “fair” score from TransUnion is typically “fair” across the board.
Is AnnualCreditReport.com legit? ›
AnnualCreditReport.com is the official site to get your free annual credit reports. This right is guaranteed by Federal law. You can verify this is the official site by visiting the CFPB's website. Don't be fooled by look-alike sites.
Why is my Experian score so much higher than TransUnion? ›
Credit scoring models can weigh certain information in your reports more heavily than other credit score factors. For example, one scoring model may put more emphasis on total credit usage than others. Because there are varied scoring models, you'll likely have different scores from different providers.
Why is my Experian score higher than Credit Karma? ›
This is mainly because of two reasons: For one, lenders may pull your credit from different credit bureaus, whether it is Experian, Equifax or TransUnion. Your score can then differ based on what bureau your credit report is pulled from since they don't all receive the same information about your credit accounts.
