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Dave
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Subject: Why are the scores from the 3 major bureaus so different.
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Tue Feb 12, 2008 3:44 pm
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| Why are the scores from the 3 major bureaus so different. I have noticed a swing of 72 points between the highest and lowest. Can I take the average of the 3? One reports says I have excellent and the other states fair. Please help! |
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MCasper
Joined: 31 Dec 2007
MCasper's page
Posts: 25
Location: Pennsylvania
1239 Magic Points
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Tue Feb 12, 2008 5:27 pm
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Each credit bureau has a different mathematical algorithm that calculates your credit worthiness. As far as determining which score you use, it's the lower of two, or middle of three... Different lenders will have different rules, some will only pull two of the three bureaus for personal reasons.
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Michael Casper
Senior Debt Advisor
www.clearonedebt.com
P:(484)455-2677
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Fasfeed
Joined: 06 Feb 2008
Fasfeed's page
Posts: 87
3244 Magic Points
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Wed Feb 13, 2008 1:35 am
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| Your credit score could also be different due to the fact that every company does not report to all three bureaus,regardless if the credit is in good standing or delinquent. Some may report to one or even two. |
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Polly
Joined: 06 Jul 2006
Polly's page
Posts: 62
3035 Magic Points
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Wed Feb 13, 2008 5:14 am
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So the best way to go about it is by pulling out all the reports which you get for free atleast once in a year. You should take notice of what is there on your report and what is not.
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Here Comes POLLY
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debtstinker
Joined: 03 Nov 2007
debtstinker's page
Posts: 302
1 Magic Points
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Thu Feb 14, 2008 1:56 am
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| Thank you, thank you, thank you for initiating this post! I'm on here sporadically and I wondered the same thing as my husband and i just got approved for a home loan. well i should say my husband, as my debt to ratio was too high. we noticed that there was over a 70 point difference between experian and transunion. we're investigating everything that was reported now and are trying to clean up our credit as we know we may not find a home immediately and we can always reapply for better rates. thanks guys for the info! |
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cbass1017
Joined: 01 Feb 2008
cbass1017's page
Posts: 141
Location: PA
1441 Magic Points
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Thu Feb 14, 2008 4:35 am
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One important thing to know is that the credit bureaus aren't the ones who determine your credit scores. They are just in charge of keeping track of the credit you have/don't have. Independant companies who actually pull the credit files for lenders determine your score. You could apply at two different lenders that use different companies to check on credit ratings and come up with different scores from the same credit bureaus. That is why you can get a copy of your credit for free every year but if you want your scores as well you'll have to pay for them.
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Scott McKay
FreeOnlineCreditGuide.com |
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Laura
Joined: 21 Jun 2007
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Posts: 1402
34547 Magic Points
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Thu Feb 14, 2008 5:38 am
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Keep track and generating a credit report with all your activities is done by the credit bureau. The differences happen due to inaccurate information provided or the unequal reporting of accounts. There are other reasons as well. Scores again differ due to the reason mentioned by Scott here.
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Regards,
Laura. |
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Morningstar
Joined: 17 Apr 2007
Morningstar's page
Posts: 601
11 Magic Points
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Thu Feb 14, 2008 6:14 am
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Because creditors are not required to report to any or all of the CRAs...they are required only to report accurate information; they can also choose to exclude some information as well (credit limit, for example).
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I don't dream since I quit sleeping |
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diem
Joined: 20 Feb 2008
diem's page
Posts: 94
152 Magic Points
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Wed Feb 20, 2008 7:24 pm
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| Not all report to all 3 CRAs. Not all are updated on the same date. They run behind so things such as different utilization, history, etc are all involved. |
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fireyone
Joined: 26 Feb 2008
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Posts: 4124
1011 Magic Points
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Sat Feb 28, 2009 4:39 pm
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| Then I fail to see how someone can really get a fair score. I think then the FICO score would be much better. I know on my report one of the companies does not have much at all listed on it but the other two have all the details. When going for a loan depending on your credit score an how you report looks it would be like playing Russian rullet. |
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JesMLT
Joined: 14 Feb 2009
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Posts: 16
645 Magic Points
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Sun Mar 01, 2009 5:12 pm
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There is a huge difference between mine as well.
I have many medical debts. All were reported to Trans Union and only a couple were reported to Experian and Equifax. |
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carol
Joined: 27 Jun 2006
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Posts: 1308
28489 Magic Points
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Mon Mar 02, 2009 7:01 am
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The FICO score differs among the three credit bureaus only because of the reason that all the creditors do not report the information to the three bureaus. To remove this discrepancy in the score, the bureaus have developed Vantage score, but it is still not in use till date.
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