FICO credit scores were created by Fair Isaacs Corporate (now called FICO) to help lenders determine credit worthiness and the likelihood of default. VantageScore credit scores were created by the partnerships of the 3 major credit bureaus (Experian, Equifax and TransUnion) to provide more consistency and standardization in credit scoring.
Both scoring methodologies rely on the logic that higher scores mean less risky than lower scores. Both FICO and VantageScore credit scores will still vary at each credit bureau so don’t expect all the credit scores to be the same.
FICO credit score ranges are from 300-850. FICO’s model uses 5 factors to determine your credit score which include payment history, amount of debt, credit history, types of accounts and inquiries.
VantageScore credit score ranges are from 300-850. VantageScore takes into consideration 6 factors of your credit report that include payment history, utilization, balances, depth of credit, available credit and recent credit.