Why did I get three different credit scores?
I recently got my free credit reports from the three credit reporting companies and then I paid to get my credit scores. I got a different score from each company. Equifax gave me a credit score of 569, Experian 572, and Transunion 635. Why is this and how can I find out my real credit score? What can I do to correct this?
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Tags: credit report, credit score, equifax, transunion
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Did you read the report they sent you? You have to see if someone put a bad rating in for you. Each credit report may have different things in it that some company’s put in. They may put something in say Experian and not TransUnion. Read your credit report. I just received all three of mine. I had a good report but you have to pay for your credit scores. Look at all your credit cards listed and see if some company dinged you. Your credit score drops if you are 30, 60 or 90 days late on one payment. They may have contacted one credit bureau and not the other 2. They also list if you have a judgment against you. Say, someone sued you…whether they are right or wrong its on Public display at your local city hall. Any judgments are also on your record and can lower your credit score. They come off of your credit report any where between 7 to 10 years depending on the credit bureau.
All three companies use different scoring models. If you get a 3-in-1 report from transunion, they are using their score model on experian and equifax as well. That doesn’t give you an accurate score. You might pay more for 3 separate scores from 3 separate companies, but you would get the actual scores the creditors.
Also, not all creditors report to all 3 credit reporting agencies. So if an adverse account reports to experian and equifax, but not transunion, transunion would report a higher score. Most creditors will pull credit files from all 3 companies, and will use an average of the 3 scores, or the median score.
Each bureau calculates the score differently.
Each credit scoring company has a different way to measure your credit. They are all your "real credit scores." The same way that 12", 1′ and 1/3yd. are all the same distance, it’s just depending on who uses it. Most companies I’ve encountered go by my Equifax or Experian credit score. If you don’t know much about credit or credit scores, go to your local bank and talk to a financial adviser. They’ll let you know what a good credit score for you and what you can do to make it better.
Although there would always be some discrepancy in the calculation of credit score done by each company but it would give you a general idea of your credit status.
Different credit agencies will review different aspects and have different criteria. It’s good to know all of them because different organisations will use different agencies.