Other Credit Scores
It is also important to note that there are now different kinds of scores for folks who have little credit or no credit on file with Equifax, Experian, and TransUnion. The whole concept of credit scoring is to objectively and con-sistently look at your past credit record to help a lender answer the question, “If I let you borrow my money, how likely are you to pay me back?” And for those with little to no credit history, there are now new scores to help measure the risk factor of these consumers.
While FICO scores are the leader (90 of the 100 largest U.S. lenders use FICO scores), there are now credit scores for people without credit or consumers who don't have good FICO scores:
The FICO Expansion Score assesses the risk of consumers who have little or no credit information on file at Equifax, Experian, and Trans Union. It pulls data from installment purchase plans, utility and rental payments, and buy-now, pay-later agreements with organizations such as book-of-the-month clubs. The score is modeled on the 300–850 range, like traditional FICO scores.
Payment Reporting Builds Credit (PRBC) gives consumers and small business owners a chance to build their own credit profile and score, using rent, as well as reoccurring payments for bills (such as utilities, phone, child support, etc.). You can sign up and learn more at
The eFunds Debit Report gives lenders an overview of your checkwriting and ordering history, deposit account collections, accountopening inquiries, and accounts closed for abuse and/or fraud.
The Anthem Score is for those with little or no credit history. It's based on your track record of paying rent, insurance, child support, utilities, etc. It considers how long you have been paying bills in a timely fashion and the types of credit you are using. Based on that information, the consumer receives a score that can range from 325 to 850. It was designed to produce scores similar in range to traditional scores.
