Frequently Asked Questions(FAQ)

Do credit bureaus make lending decisions?

No. Credit bureaus collect information from lenders and creditors to generate credit reports and scores. Lenders and financial institutions use credit scores to make lending decisions. 

Which credit bureau is most used?

A FICO Score is used in 90% of lending decisions. VantageScore is another popular option that’s used by many lenders and financial institutions. 

Do banks use Equifax or TransUnion?

The FICO 8 model is the most widely used scoring model for general lending decisions. When it comes to banks they use FICO scores when you apply for a mortgage with them:

  • FICO Score 2 (Experian)
  • FICO Score 4 (TransUnion)
  • FICO Score 5 (Equifax) 

About the Authors

Choncé Maddox

Written by: Choncé Maddox

Certified Financial Education Instructor (CFEI)

Choncé Maddox is a Certified Financial Education Instructor (CFEI) and personal finance freelance writer.

More about me

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