Is there a huge difference between a FICO credit score and the score given by the 3 credit bureaus?

Question

I've already gotten my free credit reports from annualcreditreport.com but now I'm looking to monitor my credit score periodically from all three bureaus. I know that FICO is probably the biggest credit score service is their number that much different than what I'd get from the credit score source that Equifax, Experian and TransUnion use?

I just don't want to pay so much more for nothing. If FICO says my Experian credit score is 700 and I go to Experian.com and their service says my score is 692, I don't see the difference.

Thanks.

Answer 1

davidb196 is correct.

I look at credit every day and sometimes see point spreads of 100-points between the three bureaus.

This is because all lenders do not report to all three and some do not report at all.

There is no reason to check all three credit bureau scores and FICO. It's a waste of your money.

Answer 2

The fico and scores given by the credit bureaus are the same thing.

How FICO Scores Work

When you apply for credit – whether for a credit card, a car loan, or a mortgage – lenders want to know what risk they’d take by loaning money to you.

FICO scores are the credit scores most lenders use to determine your credit risk. You have three FICO scores, one for each of the three credit bureaus – Experian, TransUnion, and Equifax. Each score is based on information the credit bureau keeps on file about you. As this information changes, your credit scores tend to change as well.

Your 3 FICO scores affect both how much and what loan terms (interest rate, etc.) lenders will offer you at any given time.
Taking steps to improve your FICO scores can help you qualify for better rates from lenders

Answer 3

Technically, they are all credit scores. One is the FICO (Fair Isaac Company - who are responsible for coming up with the original credit scoring formula), one is the Beacon (Equifax) and the other is a Plus (Experian) score. It all means the same thing.
It's like going to Wendy's, McDonald's or Burger King. They sell burgers and fries, they're just called different things.

Actually, each credit bureau uses a different scoring scale. The Equifax scale is 300-850. Experian's scale is 330-830. TransUnion's scale si 150-934. Your scores can actually differ by a large number of points because of this (and also b/c not each bureau has identical reporting information).
Now, I'm not suggesting that you track each score, but I also don't want you to be surprised if you find out down the line that your scores are different.

Good luck!

Answer 4

You will find that your score varies between each CRA. Not all three have the same exact information regarding your accounts. Some may not show certain accounts and some accounts will show up on all three. This explains the reason your score varies. The Max FICO score is 850 (but only about 15% of the population have a score this high). Excellent is anywhere from 750 to 850 (under the FICO scoring method) Hope this has helped you.

Answer 5

Great question in which I have no answer for !!! In my
Opinion all three Credit Bureaus should follow the same
format, they should all say exactly the same, in the same order, they also don't take into consideration the WHY,
they also make mistake by reporting inaccurately, nor
do they always properly validate what is placed on our
reports. I think Fair Isaac should also have a free report
once a year on how they determined your score for your
specific report.
www.creditinfocenter.com

Answer 6

I have seen significant differences between my credit scores from each credit reporting agency. It depends on their interpretation of the formula as well as how they report.

Answer 7

your score can vary greatly from one reporting agency to another that's what is not fair about it most lenders use mid score when evaluating your credit risk which is not fair either but until they change system that's the way it is

Answer 8

each agency uses a different formula probably - they should all be within 15 points of each other. It may depend on timing of when your score was calculated with each agency - probably not all done on same day - they may not ALL have the exact same info available about you and your accounts