Everyone knows that FICO scores has multiple industry-specific versions, each used by different industry. The auto industry uses the ‘Auto-Enhanced’ version, Mortgage lenders use the ‘Factual’ version, Credit Card companies use an entirely different version etc.
To keep up with consumer trends and the evolving needs of lenders, FICO is constantly refining the FICO Score model – resulting in multiple industry-specific FICO Score versions over the years
Each version employs different weights and produces different score. The Mortgage version produces lower rates than the consumer version, while the car lenders’ version produces scores that can be 50 – 100 points lower or higher, depending how you’ve handled prior car loans.
Until now, consumers could only get the standard version of their FICO, which could be off by 50-100 points than the actual score their potential lender sees.
Now, for the first time ever – consumers can get the same scores their potential lenders get, including but not limiting the newest & most commonly used FICO 8! This gives consumers extra power when seeking for new credit.
For more information see www.myfico.com/Products/FICOScore8Disclaimer.html