For example, Transunion has shown that I have been able to up my credit score by 100pts in the last 1 1/2 years, but Experian is showing a drop by a few points. Transunion says my credit is good, experian shows my credit is poor. How the hell can one be bad and one be good? I pay ALL bills on time and I always pay more than the minimums. I've even paid off a couple this year and I don't have much open. Can someone help me with this confusion?
2007-08-16 11:53:43 · 6 answers · asked by kamikazie_krys 2 in Business & Finance ➔ Credit
It's my FICO thats showing high and good and a PLUS thats showing bad and poor. All I need to worry about is the FICO then?
2007-08-16 19:14:05 · update #1
Make sure it's Apples to Apples. Not all credit reporting agencies use the same credit scoring method. You need to double check it's the FICO score, and nothing else. The other scores are crap and not worth anything.
I'll bet you Transunion gave you the Vantage score, or whatever they call it. Unless it actually says FICO, you didn't get FICO.
2007-08-16 12:08:31 · answer #1 · answered by Uncle Pennybags 7 · 2⤊ 0⤋
Here's some info on why they may be different:
http://www.truecredit.com/help/learnCenter/creditScores/your3Scores.jsp
http://www.truecredit.com/help/learnCenter/creditScores/creditScoring101.jsp
http://www.fico.org/HowScoringWorks.aspx
Also, depending on where you pulled the credit report, a score may be meaningless unless is it purchased from the bureau itself for a fee. This would include if you have a monitoring service that includes the score. And the score you get may be a little different from the one your creditor buys with the credit report (they pay extra to get your FICO score included with the credit report).
Hopefully I didn't make things even more confusing lol.
2007-08-16 14:28:14 · answer #2 · answered by gogo7 4 · 0⤊ 2⤋
The credit reporting agencies only report what is reported to them. Not all lenders will provide information to all reports, nor are the consistent about updating all three reports all the time.
If you see that one agency is reporting a debt as bad and the other is reporting the same debt as good, contact that lender and have them submit a corrected report the the agency. If they refuse to do so, dispute the bad item directly with the reporting agency.
2007-08-16 13:54:00 · answer #3 · answered by cbmttek 5 · 0⤊ 0⤋
You have more than one credit score. FICO is the one that's used by most people when evaluating your creditworthiness, and even it has several variants based on the type of credit (car loan, mortgage), and depending on who is pulling the report, they might be using an older version of the model.
2016-05-20 17:04:10 · answer #4 · answered by ? 3 · 0⤊ 0⤋
Usually each company reports different things, some, report more lates than others. Others don't might not even show a lien and the others do.
2007-08-16 12:09:12 · answer #5 · answered by Anonymous · 0⤊ 0⤋
I agree with the first poster - if it's not FICO it's FAKO
2007-08-16 12:14:37 · answer #6 · answered by echo 7 · 1⤊ 1⤋