Which Credit Score Is the Most Accurate?
5 Min Read | Published: June 19, 2024
This article contains general information and is not intended to provide information that is specific to American Express products and services. Similar products and services offered by different companies will have different features and you should always read about product details before acquiring any financial product.
Which credit score is the most accurate? FICO® and VantageScore® credit scores are equally accurate, based on the specific scoring model that’s being used.
At-A-Glance
- FICO® and VantageScore® are the two most popular credit scoring models today.
- FICO and VantageScore credit scores are equally reliable and accurate, based on the specific scoring model that’s being used.
- Tools are available that allow you to check and monitor your credit score for free, with no impact to your credit.
If you’ve been thinking about taking out a loan or another form of credit, then you may be wondering which credit score is the most accurate.
But instead of asking which one’s most accurate, it may be helpful to first understand how credit scoring models work. Two primary credit scoring models exist, each measuring your score in slightly different ways.
In this article, we will discuss the different credit scoring models, the criteria that they use to assign your credit score, and some strategies to help you monitor your credit scores effectively.
Which Credit Score Is Most Accurate?
Based on the information from your credit report, credit scoring models assign you a three-digit number that’s known as your credit score. Different credit scoring models can assign you different credit scores, as they assess information differently.
FICO® and VantageScore® are the two most popular credit scoring models today. The credit scores they assign are equally reliable and accurate, based on the specific credit scoring model that’s being used.1
Scores can and do fluctuate as new data is received. Errors or fraudulent transactions may also negatively impact your score, which could lead to a score that is lower than it should be. However, you can dispute inaccuracies to have the bureaus remove them.
See how American Express helps you protect yourself from fraud.
Why Are There Different Types of Credit Scores?
The main reason for different types of credit scores is the existence of multiple credit scoring models.
As we touched on above, there are two primary credit scoring models, FICO and VantageScore. Both credit scoring models may give you a different score because they calculate information differently. Both FICO and VantageScore also release new versions of their credit score models from time to time.
- FICO® Score
A FICO is a credit score created by the Fair Issac Corporation. This is a well-known scoring model that’s used for a majority of lending decisions.2 There are base FICO® Scores, that are created for any lender to use, as well as industry-specific FICO Scores, for auto lenders and credit card issuers. - VantageScore®
VantageScore is another credit scoring model. The credit bureaus introduced the VantageScore model in 2006 as a FICO alternative to give credit score access to more people.3
Given the various score types, monitoring yours is crucial. Fortunately, you can request annual credit reports from each bureau and track your score with various online tools.
How Your Credit Score Is Calculated
FICO and VantageScore calculate your score using several factors related to your credit history. They have some factors in common but assign different weights to them.
- How FICO Calculates Your Credit Score
FICO calculates your score using five factors, which they assign different weights to. While the exact percentages can vary from score to score, here’s a look at the percentages that are generally used in their scoring model:4
- How VantageScore Calculates Your Credit Score
VantageScore 4.0 uses six factors to calculate a credit score, some of which are similar to FICO. They also use different percentages:5
How to Check Your Credit Score
It’s a good idea to keep an eye on your credit score and credit report. This can help to give you an idea about the type of financing you may be eligible for. Crucially, it can also help you to spot any errors or discrepancies that may be present in your report.
You can check your credit score for free without impacting your credit score in a few ways. First, you can request one free annual credit report per bureau each year. This will detail your official FICO score and show your credit history.
You can also check your score anytime with free credit monitoring tools, such the American Express MyCredit Guide. MyCredit Guide is a free service that allows you to view your FICO Score and Experian credit report, with no impact to your credit. Enroll in MyCredit Guide to access your FICO® Score any time. (FICO is a registered trademark of Fair Isaac Corporation in the U.S. and other countries.)
Frequently Asked Questions
For the majority of lending decisions, lenders generally use your FICO Score.6 However, they may use different versions of FICO. Some lenders will use VantageScore.
Experian®, Equifax®, and TransUnion®, each of the three main credit bureaus, offer equally helpful and accurate information that can help you make informed financial decisions.
The Takeaway
FICO and VantageScore may calculate your credit scores differently, but they are both equally accurate based on the specific scoring model being used. By creating a plan to build and maintain healthy credit, you can help take steps that could help you build your credit score over time.
1 “Which Credit Score and Report Is Most Accurate?,” Credit
2,6 “This is the special credit score lenders use when you apply for a mortgage?,” CNBC
3,5 “The Complete Guide to Your VantageScore,” VantageScore
4 “How Is Your Credit Score Determined?,” Experian
Bradley Schnitzer is a writer and email strategist who has covered personal finance and small business topics for over five years. He is passionate about personal finance and helping others understand their money.
All Credit Intel content is written by freelance authors and commissioned and paid for by American Express.
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The material made available for you on this website, Credit Intel, is for informational purposes only and intended for U.S. residents and is not intended to provide legal, tax or financial advice. If you have questions, please consult your own professional legal, tax and financial advisors.
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