FICO & Credit evaluation... Same entity? Isn't your credit score the same as a FICO rack up or

Isn't your credit score the same as a FICO rack up or are they two different scores, also plus score and regular credit score. What's the difference there? I've tried to look it up and get conflicting info.

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THERE ARE 3 MAIN SCORING COMPANIES. THE NAME OF ONE OF THE SYSTEMS IS FICO. THAT IS THE BEST KNOWN NAME AND IS COMMONLY USED AS A GENERAL TERM, BUT IT IS REALLY SPECIFIC.

THE REASON 3 SYSTEMS ARE USED SEEMS TO ME TO BE THAT THERE ARE SO MANY ERRORS THAT THE LENDERS WANT TO BE SURE THEY DON'T MISS ANYTHING. THEY TYPICALLY USE THE MIDDLE OF THE 3 SCORES FOR MORTGAGE PURPOSES.

MORTGAGE BROKER

Answers:
I enjoy only a few things to add to clarify a few things.

The noteworthy thing to understand these numbers will not other match the ones lenders come up with. Why? Each have their own formula that may weight things differently..hence..they could come up with a different rack up.

If I pull a score from Equifax or MyFICO...this chalk up is the "offical" Fair-Issac FICO score. If I pull a 3in1 rack up like what I have through Trans coalition..it's not offical..just a estimate.

The bottom line is this: It really does not thing. Three different lenders can pull the same exact report and come up next to three different scores..sometimes 100 points apart.

As precipitate as 1994, those in the mortgage industry became aware of 'scoring models.' These scoring models be result of the development of automated underwriting systems. The first to come up near this automated scoring system was a company called the Fair-Isaacs Company (FICO). The impression behind the scoring models was a suitable one. It was meant to streamline the lend process. But it's only been within the last few years that consumers have see some relief in the considerable amount of paperwork involved in obtaining a mortgage.

But why is the credit chalk up so important? The answer is this; The lending industry have moved toward risk-based pricing. In lay terms, the lower your score, the difficult your interest rate and the more paperwork you have to provide to prove that you are creditworthy. What is of particular interest is the incredible amount of money you free, over time, with a lower interest rate. You would be surprised to see how much less money you money over the term of a 30-year note if your rate is 6% as defiant 7% on a $100,000.00 loan. THAT'S why it's extremely important to achieve a dignified credit score before applying for a loan.

it's the same. FICO,
BEACON = Equifax
Classic = Trans Union
Fair Isaac = Experian

FICO is the same as your credit win.