There are different types of credit scores used by the lenders to evaluate whether an applicant is a good credit risk or not. The most common and popular score used by the lenders to determine an applicant’s creditworthiness is the FICO (created by Fair Isaac) score. However, there are alternative scores too in the market. Given below are some of the credit scores, that are used by the lenders, creditors and financial institutions to assess the likelihood of a consumer repaying his or her debt.

1. Vantage Score

Vantage Score is a new credit score that is introduced cooperatively in March 2006 by the three national credit reporting agencies- Experian, Equifax, and TransUnion. This new credit scoring system has been developed to simplify and standardize scores across the three bureaus. Vantage scores range anywhere from 501 to 990 points. The score assigns letter grades from A to F to specify different ranges of scores.

A — 901-990
B — 801-900
C — 701-800
D — 601-700
F — 501-600

The Vantage Score is calculated on the basis of six factors:

1. Payment history
2. Utilization of available credit
3. Credit balances
4. Length of credit history and types of credit
5. Recently opened credit accounts
6. Available credit
2. PLUS Score

The PLUS Score developed by Experian, is a numeric value used to assess a consumer’s credit standing. The PLUS Score is calculated from the information found in the credit report. It can range from 330 to 830, with a higher score representing lower credit risk. These are some of the factors that affect your PLUS Score:

* Whether you’ve paid all your bills on time or not.
* Your current status of overdue accounts
* Whether your credit report includes any derogatory information, such as a collection, charge-off, or bankruptcy or not.
* Your average credit limit.
3. CreditXpert Credit Scores™

The CreditXpert Credit Scores ™ developed by CreditXpert is one of the authentic means used by the lenders to assess a credit application. The majority of CreditXpert Credit Scores ™ are between 400 and 900. The higher the scores, the chances are higher that your application will be approved for loans and you will receive favorable interest rates.

4. FICO Expansion Score

The FICO Expansion score is a three-digit score with the same range as of FICO score i.e. from 300 to 850. The FICO Expansion score is evaluated on the basis of the credit information that is not included in a standard credit report, for instance, use of a checking account, and utility and rental payments.

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