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When You Check Your Credit Score For Free – Why Are Your Scores All Different?

When You Check Your Credit Score For Free – Why Are Your Scores All Different?

When you check your credit score for free, you will notice that the scores differ depending on where you are looking. For one thing, credit bureaus use different formulas to calculate your credit score.

These formulas are issued by software that is issued by Fair Isaac and company and they are changed from time to time.

The other reason why credit scores differ is the kind of information that the credit bureaus receive from vendors. Every issuer of credit, from banks to car dealers is required to report to one of three credit bureaus: Experian, Equifax and TransUnion, and these allow you to check your credit report for free once per year, but if you want your scores you will generally have to pay for them.

Each bureau is reported to differently.  This means that one bureau can receive information that impacts your credit score negatively while another one receives information that improves your credit score. When you do your free credit check, look at all three credit reports and scores so that you can be fully apprised of the situation.

If you do a free credit check and find that you have an unfavorable credit score in any of the reports, isolate the items that have made this happen and start working in them so that you can restore your credit rating.

Check Your Credit Score For Free – Which are the scores most used or referenced when lending to consumers?

It is very important that you know what credit scores lenders are using so that you can approach the ones that have you with a good credit rating. The most commonly used are those that are mandated by the government to collect all credit information on individuals: Experian, Equifax and TranUnion.

Because of their primary mandate, they are forced to collect all information about your credit so lenders prefer them because they give the most accurate reflection of the status of your borrowing and paying.

When you approach a lender to take out any kind of loan, you increase your chances of getting approved if you can find out which of the 3 credit bureaus they use. Don’t be afraid to ask; they usually readily give out this information.

There are other credit bureaus that operate chiefly for commercial purposes: they keep track of your credit information so that they can alert you when there is a problem with your credit report. They don’t usually allow you to check your credit score for free. You will pay a monthly or annual fee and their job is to make sure that any negative events in your credit report are flagged and dealt with immediately.

It is fine to use them, but remember that they get all their information from the 3 major credit bureaus. The advantage they bring is they release you from having to look at credit report and they also help repair bad credit.  We advise using

Check Your Credit Score For Free – Which should I focus on improving or maintaining?

You should focus on maintaining good credit in the 3 bureaus. Since they allow you a free credit check 1 time a year, you can view your report without any scores through them.

To conclude, check your credit score for free from all 3 credit bureaus often and you have a better chance of eliminating problems before they can affect your credit report.

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