Confused about Credit Score
Date: Wed, 02/13/2008 - 18:03
Ok, I never had to worry about my credit score before so I never really kept track. Now that I have to worry about it, I am trying to understand how the 3 bureaus can have such different scores. One score is 579. Another is 634. The information both has seems to be pretty much the same. Why such a difference?
They may calculate it differently - the weights they each put on
They may calculate it differently - the weights they each put on certain sections may be different. I'm not quite sure. I got my scores in December, 1 score was 615, one was 650 and another was 660something. I got them today, and my scores were 625, 662 and 665, so I have that big gap there too.
Because creditors are not required to report to each of the CRAs
Because creditors are not required to report to each of the CRAs...they can choose to report to none, one, two, or three. This will cause variations in your score from report to report. Creditors are, however, required to report accurate information to whichever CRA(s) they choose to utilize (they can also choose to not report the credit limit, if they want).
