ok so we all know there are 3 credit companies Equifax, Trasunion & the other one-what does it mean if your scores are different on all 3 companies but yet you have the same info on each companies records?? What do creditors do with the 3 scores when considering loans for you etc?? Just curious?????TIA:wink

I can't speak for all creditors, but where I work the one we use is completely a random selection. For one person it could be TransUnion, the next Equifax. I'd check all three if you're looking into it. I found that there were some differences on mine.

Most companies only pull from one Bureau. that is why it is important to monitor all three.

I do monitor all 3 & thats why I am wondering how there are 3 different scores but all the info they have is the same--make sense????:thinking

:bump

Mine are always different, but my info is usually wrong too:dunno
Lots of companies go by Experian(shit heads) but Equifax seems to be the most accurate

Each credit reporting agency uses its own "secret" formula to get a score. They all use the same information, they just weight it differently. For example one may give more weight to debt to credit ratio, another may give that less weight, but make late payments more important. In general a company will use one or more, but use the score from only one.

Credit scores will almost always be different. Different creditors report to one or all or maybe even two of the bureaus. However, mortgage companies pull what is called a tri-merge (which is a report of all 3) and then they take the middle credit score. Depending on the company, their guidelines, or the type of mortgage you're getting, it could be the middle score of the primary wage earner or the middle score that is the lowest of the two. However, VA and FHA loans put less weight on the actual credit SCORE and more weight on the credit history.

ANyway, I'll shut up. That was kinda rambly. LOL

Credit scores will almost always be different. Different creditors report to one or all or maybe even two of the bureaus. However, mortgage companies pull what is called a tri-merge (which is a report of all 3) and then they take the middle credit score. Depending on the company, their guidelines, or the type of mortgage you're getting, it could be the middle score of the primary wage earner or the middle score that is the lowest of the two. However, VA and FHA loans put less weight on the actual credit SCORE and more weight on the credit history.

ANyway, I'll shut up. That was kinda rambly. LOL

That wasn't rambly sweety-it was VERY helpful & informative, thanks!:tu:yes