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robertsmith
Joined: 04 Oct 2009
robertsmith's page
Posts: 11
150 Magic Points
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Subject: What are the reasons of variation in credit score issued by
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Sun Oct 11, 2009 3:39 pm
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What are the reasons of variation in credit score issued by diiferent agencies?
In case of variation which one should be considered as correct?
What shoud be done to make variation zero? |
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goodnatured
Joined: 03 Nov 2007
goodnatured's page
Posts: 3735
10 Magic Points
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Mon Oct 12, 2009 1:30 am
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| I am not sure why they vary, I am not to happy with the way that credit is reported. They are not consistant, they do not update the same, they do not do anything the same. It is not consistant on what one a potential creditor will use either. I think there should be some type of regulation on this. |
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Justin
Joined: 17 Jul 2006
Justin's page
Posts: 1093
25288 Magic Points
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Mon Oct 12, 2009 8:36 am
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Hi Robertsmith,
There are certain reasons behind the variations in credit scores. Certain financial events might be reported to one particular credit reporting agency(CRA) and not the others. Also errors may occur in one of the reports due to which the score of that particular CRA might be faulty. Different scoring models along with different credit reports are also be responsible for the variations. The scores may also vary due to credit inquiries. You cannot do anything to bring down the variation to zero. It depends on the various factors mentioned above in the paragraph.
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All the Best 
Justin |
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sdchargers_63
Joined: 13 Aug 2007
sdchargers_63's page
Posts: 1334
1 Magic Points
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Subject: credit
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Tue Oct 13, 2009 11:31 am
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| I had debts 'fall off' ONE of the CB's. However..it din't 'fall off' the other ones. Thsi makes NO sense. You would think the CB's would 'play into each other' (lack of a better word), and know each other's 'moves'. It's frustrating.....when you think you've raised your credit score, it's STILL the same on one or more of the CB's. |
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SIA
Joined: 18 Oct 2009
SIA's page
Posts: 59
1278 Magic Points
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Fri Oct 23, 2009 5:10 pm
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Following are some reasons that impact variation in credit score-
1) Certain financial events may be reported to just one bureau but not another. For instance, there was a time when a department store credit card I owned would only report to a particular credit agency. Another time, I noticed a closed account appearing on one of my credit reports, but not on others.
2) Errors may show up in one of your credit reports. You may want to double check your credit information across reports for potential errors.
3) Identity theft is also a risk, and can appear in any of your credit reports. It’s therefore important to examine your reports on a regular basis. Here’s more on how to prevent identity theft and get identity theft protection.
4) Different reports and different scoring models by each credit agency can lead to varied scores. |
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sdchargers_63
Joined: 13 Aug 2007
sdchargers_63's page
Posts: 1334
1 Magic Points
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Subject: credit score
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Sat Oct 24, 2009 12:50 pm
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| Why some places (Finance Co's, CC Co's, etc) only report to certain CRA's and not others, is really crazy. For example: a finance company, I was going through was reporting to ALL of the CB's. However....a CC ('bad-credit' CC) was reporting to only one of them. ..even though the CC company said they would report to ALL of them, they didn't. I think ALL of the CB's should go by the SAME 'rules', when it comes to what's reported and what's not. |
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