So basically there are 3 major companies that collect your credit information. Experian, Equifax, and Transunion. These companies do not calculate any score, all they do is put together a report. FICO has created 10 different versions of their algorithm to calculate different categories ranging from FICO auto to FICO credit. Every time its algorithm is used, FICO gets paid and that’s why you rarely see free FICO scores, but you’ll see free credit reports from credit karma. The score you see on Credit Karma is calculated using VantageScore which is a free version of FICO.

American Express, Bank of America Chase, Citi, CapitalOne, Discover, etc all offer some version of credit report and credit score monitoring. If you have a bank account or credit card with them, be sure to sign up for credit monitoring, just so you stay updated. You can proactively prevent a lot of identity theft!

Check out this 5 min read on how VantageScore has evolved the past few years.
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