Credit Scoring Names:
Your FICO score is the Fair Issac Corporation rating of your credit risk. It is based on your payment history for products that are reported back to credit rating agencies. FICO Scores range from 300-850.
Texas electricity providers require a credit check in order for you to obtain service. A social security number is required. Most often they will use a "TEC" score. The TEC (Telecommunications, Energy, and Cable) Score is based on a risk model developed specifically for telecomm and energy accounts. The basic idea is that your score is different for Electricity and Internet / TV service vs. Autos, Homes and Credit Card payments. People would rather keep their lights on, versus making a credit card payment if they are in a bind.
The TEC Score is a specific model provided by Experian. Not all Electricity Providers use Experian as their credit scoring provider. Transunion uses a "Vantage Score" and Equifax uses an "Exchange Risk Score", and some Texas electricity companies use the traditional FICO score.
The largest issue in credit scoring is the lack of historical data. Many times utilities do not provide payment histories to credit reporting agencies. So while you may have a 600+ FICO score, you may have a 400 Utility Score and have to pay a deposit. Many Texas Electricity Companies provide alternative ways to show previous utility credit. Most often this will be a letter from your previous electricity provider stating that your account has been in good standing.
| Electricity Deposits and Credit Scores (*Estimated) | ||
| FICO Credit Score Range | Credit Score Type | Deposit Amount Required |
| 300-400 | Poor | $200-$400 |
| 401-500 | Fair | $175-$275 |
| 501-620 | Good | $150-$200 |
| 620+ | Excellent | $0.00 |