FICO does not start tracking scores until 6 months of credit activity has been established. The three major credit bureaus created VantageScore as a way for those with less credit history (6 months or less) to view and track their credit scores.For example, if your FICO score is “good,” then your VantageScore should still be in the “good” category as well. And while your scores may be different between FICO and VantageScore, they should still be in the same category. They both use information gathered from the three major credit reporting bureaus, TransUnion, Equifax, and Experian. Neither collects information on their own. What the Difference Between FICO and VantageScore?įICO (Fair Isaac Corporation) and VantageScore are both models for measuring an individual’s creditworthiness. For example, most negative information stays on for 7 years, while bankruptcies stay on the report for 10 years.Īnnual Credit Reports use the FICO scoring model. An annual credit report uses the FICO scoring model, with information gathered from the three major agencies, has data that goes back up to ten years, depending on the specific events in the report. Reports can be requested through, which is authorized by the U.S. What is an Annual Credit Report?Įach person with a credit history has a right to their annual credit report through the three major credit bureaus, Experian, Equifax, and TransUnion. Credit Karma has many other services, in addition to free credit trackings, like personalized financial suggestions and offers that can all be browsed in one application. It uses VantageScore which is a newer model of measuring credit scores than the industry standard FICO. Both have their advantages and disadvantages, but which is the better option for tracking credit scores? Keep reading to find out! What is Credit Karma?Ĭredit Karma is a free credit tracking service that updates its information every 7 days. If you’ve ever tracked your credit score before, then chances are you’ve used either Credit Karma or your annual credit report.
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