The credit scores that are produced by credit bureaus are generally used by banks, credit card companies, and other lenders. However, it is possible for an individual to get their credit score from one of the numerous credit bureaus in existence. A fee must be paid to the credit bureau and this fee is determined by the Federal Trade Commission. Not only is the credit score provided, but other information such as the range of possible scores under the scoring model used, the four most important factors that affected the score, the date the score was created, and the name of the computer model used to formulate the score are among some of the other information provided by credit bureaus. FICO scores can be obtained online for $14.95. However, there is no guarantee that the model used will be the same model used by the credit bureau that a bank or credit card company bases its decisions upon.

Different Scores

Different credit scores are a result of the subtle differences used in computer models by various credit bureaus. At times, a lender may have three different credit scores on one individual from which they base their decision. In an instance such as this, lenders generally pick the middle score as a point of reference as long as there is not a huge variation in the overall range of scores. By having several scores to base their decisions upon, lenders increase the chances that they will make sound financial moves in much the same way the weather forecasters can more accurately predict the weather with the more information they have.

Making Sense of the Numbers

The average individual may be able to obtain their score, but few would know what it meant once they got it. Credit scores fall between 300 and 900 points with 300 being the worst and 900 being the best. An average credit rating is around 750 points. Therefore, those that find their score to be above 750 generally have little complications when trying to secure a loan and those with a score below 750 may run into some difficulties. Again, this is all dependent on the individual situation and the prospective lender.