You and Your FICO

FICO has created the algorithm—of the same name—that most lenders in the United States use to find your credit score when you apply for a loan. The company releases an updated version of the algorithm to lenders every few years. Since lenders are not required to use the latest version of FICO, it’s important to understand how the algorithms differ as your score will be altered. In this guide, we’ll give you an in-depth look at the most commonly used versions of the FICO scoring model.


FICO Model Description:


FICO 9 -Newest version. Not widely used.


FICO 8 -Most common. Used for Auto and Bankcard lending.


FICO 5- Used by mortgage lenders. Built on data from Equifax.


FICO 4 -Used by mortgage lenders. Built on data from TransUnion.


FICO 2 -Used by mortgage lenders. Built on data from Experian.


What is FICO 8 and Who Uses It?

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