There is constant confusion about the difference between consumer credit scoring models and the credit scores that mortgage lenders pull which are Mortgage FICO® Credit Scores. Mortgage Lenders only use the FICO® scoring model while Consumer Credit Scores used the Vantage Scoring model.
What is the Consumer Credit Scoring Model?
The Consumer Credit Scoring Model is the Vantage Credit Score created by Experian, Equifax and TransUnion. There are 4 different scoring models:
- Vantage 1.0
- Vantage 2.0
- Vantage 3.0
- Vantage 4.0
Most consumer credit monitoring service companies use Vantage 3.0. The credit scores range from 300-850 on Vantage 3.0 which was updated from earlier versions to match the range that FICO® uses.