Primary Difference Between FICO Score and Vantage or Transrisk Score

Understanding Credit Scores: FICO, Vantage, and TransRisk

The primary difference between a FICO score and a Vantage or TransRisk score lies in the range of the scores and the models used to evaluate creditworthiness. While FICO scores range from 300 to 850, Vantage and TransRisk scores range from 501 to 990. Each model uses a different algorithm and factors to calculate a score. For instance, FICO puts significant weight on payment history and the amount you owe, while the Vantage Score model focuses more on total credit usage and credit balances.

It's not accurate to say that FICO scores are based on income, while Vantage and TransRisk scores are not. In fact, none of these credit scoring models are directly based on income. Similarly, it's a misconception that FICO scores are free to access, while Vantage and TransRisk scores require a fee. In reality, both types of scores may come with a fee or subscription service.

Final Answer

While FICO scores focus more on payment history and debt levels, Vantage and TransRisk focus more on total credit usage and balances.

None of these scores are based on income or are free to access.

Explanation

The primary difference between a FICO score and a Vantage or TransRisk score lies in the range of the scores and the models used to evaluate creditworthiness. While FICO scores range from 300 to 850, Vantage and TransRisk scores range from 501 to 990. Each model uses a different algorithm and factors to calculate a score. For instance, FICO puts significant weight on payment history and the amount you owe, while the Vantage Score model focuses more on total credit usage and credit balances.

It's not accurate to say that one type is used by lenders whereas the other is used by individuals, as both types of scores may be used by lenders to assess credit risk. Neither scores are directly based on income nor are they free to access — both typically come with a fee or subscription service.