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Are FICO® Scores the only risk scores?
No. While FICO® Scores are the most commonly used credit risk scores by lenders in the US, lenders may use other scores to evaluate your credit risk. These include:
- FICO Application risk scores. Many lenders use scoring systems that include a FICO® Score but also consider information from your credit application.
- FICO Customer risk scores. A lender may use these scores to make credit decisions on its current customers. Also called “behavior scores,” these scores generally consider a FICO® Score along with information on how you have paid that lender in the past.
- Other credit scores. These scores may evaluate your credit file(s) differently than FICO® Scores, and in some cases a higher score may mean more risk, not less risk as with FICO® Scores. FICO® Scores are the scores most lenders use when making credit decisions.