credit score?

i recently ran my credit report and got my credit score, but it's not the usual fico score i received, instead i got what is called advantage score which is supposed to be a combination of three credit bureaus and determine your availability for loans etc...but what's the difference? i've asked around but some never heard of it.

Public Comments

1. I recently applied for a home equity line of credit and they did the same basic thing. They take all 3 scores and add them together. Then they divide by 3 and take the "average." For instance, I had a 650, 678 and 680 - so my "average" was 670. This is what they used on my credit application. Every company you apply for credit to requires different information. For instance, for car loans the banks may require the "lesser" or "higher" of the 3 bureaus. Or they may require "only Experian". If you want your real credit score you usually have to pay for it. My website www.1-800badcredit.com has a page or two devoted to credit scores and credit repair that might be interesting. However on most pages I have a link to at least 2 companies that will give you your credit score, etc. Just read the fine print and make sure you're getting the actual score and not the average one again.
2. The three major credit bureaus are introducing a new credit scoring system to replace the old FICO score. The Advantage Score will simplify credit-risk scoring which helps determine what interest rate consumers will pay. The new credit scoring system being introduced by Equifax, Experian and TransUnion will be made available to credit grantors such as banks, credit card companies, mortgage lenders and auto dealers, after which usage of the current FICO score system will cease. Currently FICO is the most popular system used by credit grantors. Under the FICO system the three credit bureaus between them hold the financial histories of millions of Americans. From this data, the credit bureaus create a score ranging from 300 up to 850, known as a FICO score.
3. Since the scores are different from the bureaus, they just take the average.
4. Fico score is the one they really use, the other one is just trying to compete to get money!
5. To find out specifically what you must do to raise your score, you can order your score report from all three national credit bureaus. In addition to your score<!--you'll get your credit report, an indication of how your score ranks nationally and an explanation of how you can boost your standing. http://badcredits.awardspace.com/creditscore.htm In order to improve your credit score, it's important to know where you stand currently. Despite all the media attention given to free credit reports-->you still have to pay to find out your credit score, the three-digit number ranging from 300 to 850 that is the key to your borrowing costs.
6. http://creditcard.creditinspector.info has excellent info related to dealing with credit cards. Check it out!
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