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User Name:
mary

Date:
December 10, 2008, 3:18 am

What is the difference between FICO and FACO scores?

Answers:

Thanks for the question, Mary. These two very similar terms cause many credit consumers' confusion. Some think these are the same notions. But they are not. Both of them are associated with credit score. FICO score is the official classical credit score calculated by Fair Isaac Corporation. Your FICO score is what about 90% of banks, credit companies, mortgage lenders and other loan providers look at when making their decision whether to issue you credit or not. As for FACO or FAKO score, it also evaluates the customer's creditworthiness. But when you see this term, you should know that this score is calculated not by Fair Isaac Co. There are other scoring systems, besides FICO. And FACO (FAKO) is just a collective name for all non-FICO scoring systems. It is like a nickname, implying fake FICO score. As a rule, employers, landlords, cell phone and store credit card companies use this FACO scores, since they are cheaper.