- FICO that used to include all three scores from Equifax, TransUnion and Experian

- the fact that Experian severed its 6 year deal with FICO

- the emergence of VantageScore

- FICO score scale for consumers differs albeit slightly, from one for lenders

- long rumored MedFICO credit score for health care industry

- credit scale used to calculate insurance premiums

- credit score scale and credit rating scale

While virtually no one, including myself, knows for sure what proprietary credit score and scale are used to figure out someones costs of insurance or what exactly MedFICO is going to use, the main interest of the readers is credit score scale used by lenders to qualify them for home mortgages and car loans. Things get even more complicated when it comes to credit repair.

As I specifically pointed in repair credit score for the right type of loan, things that help to increase credit scores for a mortgage may just backfire if you apply for a car loan. But let’s go back to our credit score scale range and guide.

The former classic FICO scale ran slightly differently among three credit reporting agencies, and between the range of scores given to consumers (on the left) vs. with that when pulled by the lenders:

Now with Experian no longer being a part of the FICO, you have to get a separate Experian credit report and score, that is if you want to see the entire picture. The other thing that changed with ongoing housing and credit turmoils, what scale is used by lenders to determine your credit rating. Right now we can state quite confidently, that to qualify for a home loan, your average credit score must be at or above 620. I would offer you the following FICO scale to rate your credit:

Just for laughs, take a look at what credit rating scale and range were used by sub prime lenders. I wrote that guide in February of 2006, when home loans were fast and easy, and disaster was getting quite imminent. But going back to the topic, VantageScore uses scale between 501 and 990, with higher scores representing obviously a lower likelihood of risk.

I am still not sure to what extent VantageScore is used by creditors at this point. But in any case, Vantage credit rating scale uses 5 letters and to obtain a loan, you should be rated no less than ‘C’, in my opinion:

Now that you are completely confused with credit score scale, here are several useful links you may want to read at your leisure,

VantageScore vs. FICO Score confusion explained

VantageScore Credit Score vs. FICO Score

Credit scores and what they mean

You can get a free Experian credit report but not the score from Free Annual Credit Reports as everyone is entitled for one copy per year. Your credit scores can be purchased separately. But the quickest way is to get your credit report and score directly from Experian. You can do it for free and this is how you do that.

Experian, like the other two credit agencies does nothing for free. But you can order a trial membership in Triple Advantage Credit Monitoring provided by Experian, get your credit report and score, then cancel your membership within 9 days of enrollment. Otherwise, you will be billed $14.95 for each month that you keep this membership. It may not be such a bad idea to keep it, since it does protect you from identity theft and other unpleasantries. While enrolling, be ready to provide Experian with your credit card, which isn’t going to be charged during trial period, but has to be on file to establish your account.

To initiate a dispute, start with a current copy of your Experian credit report. If you don’t have one, order online for immediate access. If your credit report is more than 90 days old, order a new one. Experian much preferred way of disputing is online, which is quite convenient and works the fastest. While reviewing your credit report online, you can easily access the dispute process. You must have your Experian credit report number to request a dispute. Here are few important points -

- carefully view your report and click on a particular item for more details – if you find an error, just click on the blue Dispute This

- read the Tell Me More About Dispute Reasons section for tips on how to dispute credit information and don’t forget to provide your email address to receive notification when the dispute results are ready

- select a specific reason why the information is wrong and enter any additional explanation, then click on the Submit

Right away, Experian sends a notice to the source of the information, and within 30 days, the source must verify the data it supplies Experian with. Information verified as correct cannot be removed from your Experian credit report.

Note that none of the following programs – Credit Manager, Triple Advantage, 3 Bureau Online Credit Report and Score, and PLUS Score and Experian Credit Report, comes with Experian credit report number, but you can dispute online, using user-name and password set up for you account, when you enroll in any of these programs. You can also check your dispute status online. Experian also allows you to place Security Freeze and/or Security Alert on your credit report.