For a newbie in the credit industry, credit scores such as a FICO score and a FAKO score will all be the same. But for those veterans in this field, they can easily tell the difference.

A FICO score is the credit score given by the Fair Isaac Corporation, based on an algorithm that can be used to calculate a person’s credit worthiness and risk. Three credit bureaus, namely TransUnion, Experian, and Equifax gather credit data and this is calculated into the credit score. Consult a Texas credit attorney for further details.

On the other hand, FAKO credit scores are “fake” FICO credit scores, or credit scores that are not based on the calculations used for a FICO score. They include the following credit scores:

• Vantage Score – a credit score based on data gathered by the 3 credit bureaus, created as competition for FICO

• BEACON credit score – a real FICO score which is based on the data gathered by the Equifax credit bureau, created by the same bureau

• Scorex or Scorex Plus – a credit score by the Experian credit bureau based on the credit data that they gather

• Transrisk New Account score – a credit score calculated by the TransUnion credit bureau from the credit information that they gather in their credit report.

They are not exactly fake credit scores since they can give you an overview of what your credit looks like. However, it is not the one used by most lenders and creditors when reviewing loan applications so if you need to know what your actual score is, then it would be better to get the one that they use. Also, if the cost of the FAKO and FICO scores is basically the same, then wouldn’t it be better to get the one which will be most helpful to you?

There are sites such as AnnualCreditReport.com who can provide a free credit report annually although to get the credit score, you will need to pay a fee. Or you can use a free trial for FICO credit score, then cancel when you get to see your score. But if you just want to know your credit rating, it would be best to check using a credit score estimator, which can give you an accurate enough estimation of your credit.