credit report?

Question

why on my 3in1 credit report i have 3 different credit scores. they average to 635 but they are so different. does anyone know what that means. how will that effect me bying or leasing a truck. thanks for your help.

Answer 1

Auto finance is what I do for a living and there are several thing in play here.

First, there are three credit bureaus and each one has their own way of calculating your score, add to this that all lenders do not report to all credit bureaus and some do not report at all and you begin to see why there is so much difference in the three scores.

Second, auto loan lenders pull whats called a "Auto enhanced" bureau which favors you because it scores higher then a regular bureau based on your installment credit profile. So your scores on the "Auto enhanced" bureau should be higher.

Third, all lenders look at different bureaus, it depends on what State you live in and what your Zip code is. The Finance Manager will review your credit and decide which lender to send it to based on his knowledge of which lender looks at which bureau.

Answer 2

Creditors report to the credit reporting agencies of their choice. They do not have to report to all three, which is why your credit reports are so different from one agency to the next.

Furthermore, credit extenders don't have to check all three. They can also pull from one and not the other two, and it just depends on with whom creditors have contracts with on which one they'll pull.

The thing that will affect your lease the most is if you have a repo on your past credit. If you've got this, you'll most likely need a larger deposit.

635 is not a great score, but it is fair, and that is where most Americans land, believe it or not, somewhere between 620 and 680.

If it were me, I would go through my credit reports and make sure that all of those debts are accurate.

Make sure your name is correct on all credit accounts.
Make sure your social is correct on all your accounts.
Make sure your listed addresses are correct.
Make sure there's nothing more than seven years old on there. Some collection agencies will try to collect from you for seven years, and then when they can't collect, they will sell it to another agency to start all over again. They can't do this. Dispute it.

If ANYTHING looks fishy or if you have doubts about ANY debt, dispute it. It will show up on your credit report as a disputed issue and, though it won't raise your credit score, it will be visible to the creditors.

Furthermore, the credit reporting agency has 30 days to verify that the debt is yours. If they cannot PROVE the debt is valid, they must remove it from your credit report within 30 days, period.

I'd wait on leasing the truck until you've done that.

Answer 3

3 different bureaus get different information. Your average doesn't matter, it's the middle score that matters for mortgage loans. They ignore the high and low.
Your score doesn't sound bad. There are ways to raise your score, but it takes a few months or longer.
Pay bills on time, never be late. You should be able to get a truck, if you have a job and not too much other debt!

Understand leasing versus buying... It's not always good.

Answer 4

If there are blunders on your credit report, dispute them with the credit bureaus. they'll touch the creditor soliciting for verification. If the creditor would not respond to the credit bureau interior 30 days, the article would be bumped off. There are some 'credit' sites that advise disputing each thing interior the hopes the creditor won't respond and the article gets bumped off. do no longer waste some time attempting this. whether something does get bumped off, it fairly is probable to return the subsequent time the creditor updates to the credit bureau. Disputing official products ought to get you tagged via the credit bureau and you may have issues getting actual blunders fastened interior the destiny.

Answer 5

Not all creditors report to every agency .
Each agency gets some accounts the others don't . . .
So , different scores .
Vehicle loan depends on which agency the retailer is using .
Get several quotes just like people shopping for a mortgage and go with the best one .

Answer 6

There are 3 different credit bureaus (experian, trans union and equifax) that each have a different formula for calculating the score. Most creditors will average them. They should be all roughly similar.

Answer 7

Each credit bureau uses their own credit scoring system.

The main one used by most banks is the FICO score. You can get it with your Equifax report.

go to myfico.com for more information.