There’s a lot of confusion out there about FICO and Experian. Many people think they’re the same thing, but they’re not. Here’s a quick rundown of the differences between the two:
FICO is a credit scoring system that’s used by lenders to help assess your creditworthiness. It’s based on a number of factors, including your payment history, credit utilization, and length of credit history.
Experian is a credit reporting agency that provides credit reports to consumers and businesses. These reports include information about your credit history, including your payment history and credit utilization.
So, while FICO and Experian are both involved in the credit world, they serve different purposes. FICO is used by lenders to help make credit decisions, while Experian provides credit reports that give you (and others) a look at your credit history.