by Dale G. Holmes

Created on: February 12, 2008

Your FICO score, the credit score used by most lenders to determine your credit worthiness, was created by The Fair Isaac Corporation. There are a few different ways to obtain this score but you also need to be aware that not all credit scores are FICO scores.

In the past most people obtained their credit score when applying for new credit. When they applied at a car dealership for auto financing or at a bank for a mortgage the finance professional would give them a copy of their scores or at the very least tell them what their scores were. While this is still a common way that people find out what their FICO scores are there are now ways for consumers to purchase their scores without applying for credit.

The easiest way for people to obtain their FICO scores is to purchase them from myfico.com, a website operated by The Fair Isaac Corporation. The score people can purchase from this website is the only real FICO score available directly to consumers. You can purchase any of your scores from the three major credit bureaus (Equifax, Experian, and Transunion) individually, or you can purchase all three as a package.

Be careful when ordering your credit score online as some information can be misleading. Some companies advertise access to your credit score online but unfortunately this is not your FICO score. Transunion's truecredit.com and Experian's freecreditreport.com offer credit scores but these scores are not the same FICO scores used by lenders and banks. These scores are generated using formulas created to replicate the FICO scoring model but the resulting score can vary widely from your actual FICO scores. Because of this variance many people refer to these scores as FAKO scores, a "fake" version of FICO.

Some people have discovered a company that will give them their credit score monthly for free. This company is Washington Mutual. People who have a credit card issued from Washington Mutual can log into the credit cards website and view one of their credit scores. Providian, a company purchased by Washington Mutual, was the originator of this service for their cardholders leading many to nickname these scores pFICO scores. The score given to card holders is a true FICO score, although it is weighted for credit card issuers.

If applying for new credit is in your future it is often a good idea to know your FICO score ahead of time so you have an idea of what rates you deserve to receive from potential lenders. However, remember not all credit scores are created equal and purchasing your real FICO score from myfico.com is currently the only way to obtain the same FICO scores lenders will use to evaluate your creditworthiness.

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