Asked by: Doralina Forns
asked in category: General Last Updated: 1st January, 2020

Who uses fico8?

Auto lenders, for instance, often use FICO® Auto Scores, an industry-specific FICO Score version that's been tailored to their needs. Most credit card issuers, on the other hand, use FICO® Bankcard Scores or FICO® Score 8. It turns out that the most widely used FICO score is the FICO Score 8, according to Fair Isaac.

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Also know, who uses FICO score 8?

Experian Equifax TransUnion
Most widely used version
FICO® Score 8 FICO® Score 8 FICO® Score 8
Versions used in auto lending
FICO® Auto Score 8 FICO® Auto Score 2 FICO® Auto Score 8 FICO® Auto Score 5 FICO® Auto Score 8 FICO® Auto Score 4

Subsequently, question is, who uses FICO score? FICO® scores are the credit scores most lenders use to determine your credit risk and the interest rate you will be charged. You have three FICO® scores, one for each of the three credit bureaus – Experian, TransUnion and Equifax. Each score is based on information the credit bureau keeps on file about you.

Correspondingly, who uses FICO score 2?

The vast majority of home mortgage lenders issuing new mortgage loans and refinancing existing mortgages use specific versions of the standard FICO® Score, with a score range of 300 to 850, when evaluating mortgage applications: FICO® Score 2 based on Experian data (also known as Experian/Fair Isaac Risk Model v2)

Do any mortgage companies use FICO score 8?

FICO 8 is a credit-scoring system released in 2009. Since then, only a few lenders have adopted it. The vast majority of lenders still rely on FICO 2, 4 and 5 scores, which are all part of a larger report mortgage lenders can obtain called the residential mortgage credit report (RMCR).

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