2006-07-06 13:48:55 · 11 answers · asked by Anonymous in Business & Finance ➔ Credit
You will find three different FICO scores. Some here have mentioned that lenders usually take an average of the scores or have one institution that they prefer to take scores from. However, if you are trying to get a loan and you fear that your credit may be a bit sketchy, than you may find out which of the bureaus has your most favorable FICO score and then request that they consider that agency when calculating your ability to repay the loan.
2006-07-06 14:02:54 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Yes. Each credit bureau has its own version of the FICO formula for calculating scores. But this is not the only reason FICO scores differ between bureaus. The other reason is that not all creditors report to all bureaus. For example:
Imagine that you have overdue books from your local library, and fail to pay the overdue fees. Your library has a policy of reporting non-payment of overdue fees to Experian, but not to Equifax or TransUnion. In this scenario, your score may be lower with Experian because of the negative item reported by your library while your score with Equifax and TransUnion may be higher because your library did not report your non-payent to these two bureaus.
2006-07-07 00:58:35 · answer #2 · answered by john.janney 2 · 0⤊ 0⤋
All three of the major credit bureaus will come up with a different FICO score, for any given individual. This is because all three of the major credit bureaus, use different formulas, to come up with your FICO score. If two of the three credit bureaus, should come up with the same exact FICO score, for a given individual, it would be a coincidence.
2006-07-06 21:50:11 · answer #3 · answered by Kipper 7 · 0⤊ 0⤋
Yes, the three credit bureaus are equifax, transunion and experian. All three have variables that determine your credit score. Rarely are the numbers the same. Most financial institutions take an average score or the middle score to determine your credit eligibility.
2006-07-06 20:53:30 · answer #4 · answered by James H 3 · 0⤊ 0⤋
Yes if the agency pulling the credit report asks for them. Some creditors favor one credit service over another. Does that help. You can also get one free credit report per year from the three agencies as part of the Fair Credit Reporting Act.
2006-07-06 20:54:32 · answer #5 · answered by Robert J 1 · 0⤊ 0⤋
absolutely- actually having the same fico on all three is almost never the case, since they all have slightly different ways of calculating it and some businesses only report to one or two of them.
2006-07-06 20:51:20 · answer #6 · answered by retard 2 · 0⤊ 0⤋
Yes, each has their own FICO "score", but all are basically the same product tailored for them by FairIsaac. They even have different names for their products.
2006-07-06 20:56:52 · answer #7 · answered by Daniel R 1 · 0⤊ 0⤋
the usually take them from experian, but if U wanna get a free one go to www.eloan.com to to the top menu pull down menu..free fico score...sign up and try you're whole family..its the only one for free on the Internet...
2006-07-06 20:52:35 · answer #8 · answered by Anonymous · 0⤊ 0⤋
Yes, I just applied for a mortgage and got 3 different numbers. The mortgage company used the middle number.
2006-07-06 20:52:10 · answer #9 · answered by Diane D 5 · 0⤊ 0⤋
Yes, the different agencies will report different numbers. While they all use basically the same information, they calculate the data differently.
2006-07-06 22:45:08 · answer #10 · answered by paly33 2 · 0⤊ 0⤋