The various FICO ® Score versions all have a similar underlying foundation, and all versions effectively identify higher risk people from lower risk people. They all share the same base functionality, but the latest versions also have unique updated features to meet evolving user needs. Think of how people use different versions of computer operating systems or have older or newer generations of smart phones. FICO ® Scores are evolving to keep up with modern behaviors and needs Other FICO ® Score versions, including industry-specific auto and bankcard versions, are also included in the FICO Score products on so you can see what most lenders see when looking at your scores. As an example, FICO Score 5 at Equifax is the FICO Score version previous to FICO Score 8 at Equifax. This is why some lenders are currently using different versions of the FICO ® Score.
#OLD VERSION OF SEE FINANCE UPGRADE#
Some lenders make the upgrade quickly, while others may take longer. When a new FICO ® Score version like FICO Score 10 or FICO Score 10 T is developed, we release it to the market.įrom there, each lender determines if and when it will upgrade to the latest version. If we didn't, seemingly normal credit usage today would be considered a higher risk than in years past.The result is that there are multiple FICO Score versions available, in addition to the most widely used version, FICO Score 8. FICO ® Scores have been updated to reflect this change in behavior. As an example, we use credit much more frequently than we used to. To help lenders make more informed credit-granting decisions, and to help ensure you get access to the credit you need, the FICO ® Score model has been updated periodically over the years.
Lender credit-granting requirements, data reporting practices, consumer demand for credit and consumer use of credit have all evolved.
But quite a bit has changed since lenders first started using FICO Scores in 1989. Since FICO ® Scores were introduced to lenders over 25 years ago, they have become the best-known and most widely used credit score. FICO ® Scores Versions Did you know you have more than one FICO ® Score?
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