When most people think of credit scores, they’re thinking of FICO. FICO stands for Fair Isaac Corporation and refers to the algorithm they use to calculate your credit risk and credit worthiness. There are three credit bureaus collecting your credit information (Equifax, Experian, TransUnion) and your FICO score is calculated using that information with Fair Isaac’s proprietary equation.

Myth #1: There’s only one credit score.
Truth: You have 3 credit scores, you have to care about all 3 (i.e. Experian, Equifax and TransUnion).