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If you’ve ever checked your credit score across each of the different credit bureaus (Equifax, Experian and Transunion) or through multiple credit monitoring sites, you may have noticed some differences in points.
Credit scores are three-digit numbers that range from 300 to 850 and are based on five main factors—payment history, credit utilization, length of credit history, types of credit and new credit. Though these factors remain pretty consistent across all scoring models, you may not see the exact same score from every credit reporting agency.
The difference in scores can seem confusing, making it difficult to understand the credit score range you fall under. Luckily, a difference in scores is common and doesn’t have a huge impact on qualifying for new lines of credit. The important thing is that the same general information is evaluated across all credit agencies.
In this guide, we’ll answer why your scores may be different, when to be concerned about any discrepancies and which credit scores matter most to lenders.
When checking your credit score, different sites may populate different scores. For example, some 3rd party sites report scores from TransUnion and Equifax. These scoring models generally use VantageScore 3.0, which may pull a different score than your bank which offers you free access to your FICO score.
It primarily comes down to what scoring model is being used. There are many different types of credit scores, but they use two main scoring models—FICO Score and VantageScore.
Though each credit scoring model is based on similar factors, the impact of the factors on your credit score differs from model to model.
Your FICO score is based on the following factors:
The factors that impact your VantageScore are:
As you can see, the information gathered for each scoring model is the same, with some information weighing more heavily than others. For example, payment history is the biggest factor making up your FICO score, but it’s only considered moderately influential when calculating your VantageScore.
Now that we understand exactly what each credit scoring model looks at, let’s dive into why your credit scores can differ.
As mentioned, your credit score can be calculated using one of the two main credit scoring models—FICO and VantageScore. Your score could appear different because of the difference in the calculations mentioned above. If you were late on a payment, your FICO score could be majorly impacted, but your VantageScore may not see the same drop.
Credit scores are calculated by using the information that appears on your credit report, which comes from one of the three credit bureaus. When lenders report information regarding your accounts to the credit bureaus, they’re not required to report to all three—some may even report to only one.
Information that may appear on your report from one credit agency may not appear on another. Because of this, each of the three bureaus can have different information on their reports, resulting in a potential difference in scores.
For example, if Experian had a record of a payment you missed but the other bureaus didn’t, a score based on your Experian report would likely be lower than a score based on the other bureaus’ reports.
On top of there being different credit score models, there are also different versions of credit scores. For example, FICO uses different scores depending on the type of loan you’re applying for. If you’re applying for an auto loan, the lender may look at your FICO Auto Score. Or, if you’re applying for a credit card, credit card issuers may look at your FICO Bankcard Score.
If you’re looking to obtain one of these kinds of loans, you’ll want to know your industry-specific scores ahead of time. While the FICO Score 8 model is most widely used, it’s up to each lender to decide which score they will use when determining your creditworthiness.
Credit score versions are updated every few years when needed. When a new version is rolled out, certain lenders may be slow to adopt the new versions or may choose not to. Because each updated version has slightly different scoring methods, this could cause a difference in credit scores.
Though your credit report is updated monthly, the time at which your credit score was calculated can vary. As new information is reported to the credit bureaus and your report is updated, your credit score can change. Because of this, your credit score can look different simply because it was calculated on an earlier or later day.
If your credit score was calculated on one day, but new information regarding your credit was reported a day or two later, there could be a difference in scores.
As mentioned, information can be reported to credit agencies, but lenders don’t always choose to report to all three. There could be a difference in your scores if errors or inaccuracies appear on one credit report, but not the others. If this is the case, you’ll want to dispute these errors to avoid further impact on your credit score.
When checking your credit report, you’ll want to look at the following:
Though each lender has their own method of determining creditworthiness, FICO is one of the most used credit scoring models. In fact, 90 percent of lenders use the FICO scoring model when making lending decisions. While FICO remains the most widely used scoring model, you should still monitor your other credit scores since the models used vary from lender to lender.
Yes, there is a chance your credit score could be wrong because of fraudulent activity or an error on your credit report. If you see a major point difference between your credit scores, you may want to look a little further into what happened. You can do this by accessing each report and analyzing it for errors and discrepancies. If the information on your credit reports is inconsistent, you may need to look into this further.
If information that can significantly impact your credit score—like paying off a large amount of debt or noticing an error in payment history—is only reported to one credit agency, you’ll definitely want it reported across all bureaus. You can do this by filing a dispute or submitting a rapid rescore.
Remember, you can access one free annual credit report from each of the three credit bureaus by visiting www.AnnualCreditReport.com.
Not all credit scores will be the same, but you do want to be sure you’re properly monitoring your credit report so you understand all of the factors impacting your credit score. Small differences in credit scores are nothing to worry about. Focus on maintaining positive credit habits so you can set yourself up for success when qualifying for new lines of credit and loans.
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