so i went to freecreditreport.com and they gave me my "free" credit score and it said one thing then I pulled it from annualcreditreport.com and i paid to get my score and the score from the first one was equafax and the second was from experian and the second score was about 50 points higher. Whats the difference between the 2 and is the "free" one reliable?
2007-10-04 15:16:55 · 10 answers · asked by whistlebritches_17 1 in Business & Finance ➔ Credit
Thank you, Bdancer, for giving accurate information.
Each of the three bureaus provide credit information. As Bdancer said, the score you should be concerned about is your FICO score from Fair Isaacs.
FICOs are what the major players use for loans and credit decisions.
Keep in mind that your FICO score is a snapshot picture of your credit file at a given time.
These "free" scores that you get are most probably a type of score derivisely referred to as "FAKOs" (singular rhymes with Maaco). Why? Because they literally mean nothing. Now, they can be used to gauge progress in credit building/repair, but for loan purposes, they mean nothing, so do not rely on them.
Now, have a look at your reports. I am willing to bet cash that they are not exactly the same. Don't fret; they rarely ever are. Plus, not all creditors report to all three. Also, bad information could be on one and absent on the other. Therefore, there will be differences on your three credit report, and consequently, you'll see differences in your real FICO scores for the three bureaus.
Only place to get your "true" scores are to go to the Fair Isaacs website, or, as a previous poster hinted, to subscribe to Scorewatch at the Equifax website.
2007-10-05 16:31:00 · answer #1 · answered by TreLawrence505 3 · 0⤊ 0⤋
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2016-10-16 06:59:38 · answer #2 · answered by Anonymous · 0⤊ 0⤋
there not much of a difference between the two. If some one was looking into your credit history say for you to get a loan, these two will usually come up. There is a 3rd one as, sometimes called transatlantic they use as well.
Most of the time each one will have a different credit score, mostly pretty close yet not the same. They use these 3 to deterime what your score should be.
If one has you at 650 and another has 625 and the last one at 675 they get an idea of how your are as a client to their loans.
2007-10-04 15:25:27 · answer #3 · answered by braindamageblue 4 · 0⤊ 0⤋
No one should EVER pay for a credit score or a credit report, and there are A LOT more than just three credit reporting agencies. Equifax, Experian and Transunion are the most well known, but there ARE more, and ignoring them could hurt, as the big guys sometimes buy info from the smaller ones. If anything is incorrect on one of the others, wham!
Find out how to get your reports free up to 4 times a year, and have your ID protected at the same time, all for FREE here.
http://www.HowToGooru.com/LifeGuard.html
Good Luck!
2007-10-04 15:43:26 · answer #4 · answered by Anonymous · 1⤊ 0⤋
There are three credit reporting agencies. They calculate the credit scores slightly differently... so it is important to see all three when you view your credit scores. It is not a matter of reliability... they are just slightly different. Yes, the one they give you for "free" is a valid one... but not the whole picture... they know that giving you one... most people will purchase the other two.
2007-10-04 15:23:09 · answer #5 · answered by Thomas H 3 · 0⤊ 0⤋
In my understanding, the credit score is the score each individual credit bureau gives you. The FICO is the entire credit report, including debt to income ratio, etc. The FICO is the important one. Keep doing what you are doing and it should catch up, but still request your reports to check for errors.
2016-03-15 04:30:47 · answer #6 · answered by Anonymous · 0⤊ 0⤋
They are seperate credit agencies, and they do not talk to each other. So your credit can be good with one agency and bad with another.
You can get a combined report that includes experian, equifax and transunion. That way you can see what items is being reported to which agency.
My advice is to dispute any negative item on your credit report. Because if they cannot validate the negative item in 30 days, it must be removed in accordance with the Federal law.
The Fair Credit Reporting Act gives certain rights to consumers, and one is disputing negative items.
2007-10-04 15:47:12 · answer #7 · answered by Anonymous · 0⤊ 0⤋
This Site Might Help You.
RE:
Whats the difference between experian credit score and equafax credit score?
so i went to freecreditreport.com and they gave me my "free" credit score and it said one thing then I pulled it from annualcreditreport.com and i paid to get my score and the score from the first one was equafax and the second was from experian and the second score was about 50 points...
2015-08-19 03:12:35 · answer #8 · answered by Bernetta 1 · 0⤊ 0⤋
they use different scoring formulas so they tend to be different by alomost twenty points or more experian is used by most financial institution to grant credit so that score may be more reliable. also these credit reports from this site will not be the exact score pulled when apllying for credit. it also may differ by multiple points
2007-10-04 15:22:18 · answer #9 · answered by youngphilly 2 · 1⤊ 0⤋
Equifax uses FICO. The other two credit bureaus use their own scoring system. Creditors use FICO.
If you're interested in credit score watching, go to MyFICO.com to purchase your score. It will be the most accurate and up to date.
2007-10-04 15:21:07 · answer #10 · answered by bdancer222 7 · 3⤊ 0⤋