The most likely reason for a score difference this big is that they are calculated on different credit bureau reports: for example, the TransRisk score may be calculated on your TransUnion credit report and the FICO score is calculated on your Equifax credit report.
score differences are common and the result of small variations of when info is reported and the weight of that info. Large gaps are usually caused by scoring model differences or what and when info is displayed. You might expect all credit scores to be the same or slightly around the same, but they usually aren't.
This is due to a variety of factors, such as the many different credit score brands, score variations and score generations in commercial use at any given time. These factors are likely to yield different credit scores, even if your credit reports are identical across the three credit bureaus--which is also unusual.
score differences are common and the result of small variations of when info is reported and the weight of that info. Large gaps are usually caused by scoring model differences or what and when info is displayed. You might expect all credit scores to be the same or slightly around the same, but they usually aren't.
When the scores are significantly different across bureaus, it is likely the underlying data in the credit bureaus is different and thus driving that observed score difference.
FICO® and VantageScore® are the two most popular credit scoring models today. The credit scores they assign are equally reliable and accurate, based on the specific credit scoring model that's being used. Scores can and do fluctuate as new data is received.
While Experian is the largest bureau in the U.S., it's not necessarily more accurate than the other credit bureaus. The credit scores that you receive from each of these bureaus could be the same, depending on which scoring model they use.
The credit bureaus may have different information.
And a lender may report updates to different bureaus at different times. So, it's possible that Equifax and TransUnion could have different credit information on your reports, which could lead to your TransUnion score differing from your Equifax score.
Many dealers use a FICO Auto Score instead of a traditional FICO Score or VantageScore when evaluating your car loan application. Your FICO Auto Score can range from 250 to 900, depending on your previous auto loans.
This is mainly because of two reasons: For one, lenders may pull your credit from different credit bureaus, whether it is Experian, Equifax or TransUnion. Your score can then differ based on what bureau your credit report is pulled from since they don't all receive the same information about your credit accounts.
They may differ by 20 to 25 points, and in some cases even more. When Credit Karma users see their credit score details, they are viewing a VantageScore, not the FICO score that the majority of lenders use. A VantageScore has the same credit score range as FICO, and uses some of the same information as a FICO score.
A 700 credit score is considered a good score on the most common credit score range, which runs from 300 to 850. How does your score compare with others? You're within the good credit score range, which runs from 690 to 719.
Neither your TransUnion or Equifax score is more or less accurate than the other. They're just calculated from slightly differing sources. Your Equifax credit score is likely lower due to reporting differences. Nonetheless, a “fair” score from TransUnion is typically “fair” across the board.
Of the three main credit bureaus (Equifax, Experian, and TransUnion), no particular bureau is considered better than another. A lender may rely on a report from one bureau or all three bureaus when deciding whether to approve a loan.
Credit scoring models can weigh certain information in your reports more heavily than other credit score factors. For example, one scoring model may put more emphasis on total credit usage than others. Because there are varied scoring models, you'll likely have different scores from different providers.
Mortgage lenders pull all three credit reports
According to Darrin English, a senior community development loan officer at Quontic Bank, mortgage lenders request your FICO scores from all three bureaus — Equifax, Transunion and Experian. But they only use one when making their final decision.
Your credit reports from Experian, TransUnion and Equifax could have different information because creditors can choose which bureau(s) they want to report to, as well as what they report and when. As a result, the same scoring model could give you different credit scores based on each of your three credit reports.
Even better, just over 1 in 5 people (21.2%) have an exceptional FICO credit score of 800 or above, all but guaranteeing access to the best products and interest rates.
The FICO scoring model is an algorithm that produces what is considered the most reliable credit scores. About 90% of lenders use FICO's model to evaluate candidates for credit.
Banks may use reports from either Experian or Equifax, depending on their agreement with the credit bureau and their specific requirements. You may be able to find out which banks use which credit bureaus by asking them directly, or by searching for the information on banks' websites.
What is the highest credit score possible? To start off: No, it's not possible to have a 900 credit score in the United States. In some countries that use other models, like Canada, people could have a score of 900. The current scoring models in the U.S. have a maximum of 850.