Why are the scores so different?

[nervousinohio]

I just posted that we checked my husband's credit score from transunion. . .that score was 656. We then signed up for myfico.com scorewatch and equifax is 484!!! Huh? How can they be so different? We haven't checked Experian yet because there are still some things to dispute.

[Genenco]

I just posted that we checked my husband's credit score from transunion. . .that score was 656. We then signed up for myfico.com scorewatch and equifax is 484!!! Huh? How can they be so different? We haven't checked Experian yet because there are still some things to dispute.

Use of credit, application for credit, late pays + months behind...DTI (Debt to Income)

Many factors, a $5,000 difference in wages can make for a major difference in scores....Or $5,000 in debt can also.

[nervousinohio]

I'm sorry, I think that you misunderstood my question. . . .I was asking how there could be almost a 200 point difference between the different bureaus????

[Genenco]

I'm sorry, I think that you misunderstood my question. . . .I was asking how there could be almost a 200 point difference between the different bureaus????

Ohhhh! Oh yeah...Do they list everything as the other?

Other then that, I'd have no idea...

[pink_amulet]

I'm sorry, I think that you misunderstood my question. . . .I was asking how there could be almost a 200 point difference between the different bureaus????

My scores are way different from one report to the other. For example I have noticed accounts that are posted on one report and not the other. I have a hospital account on my Experian, now that SAME hospital is NOT on Trans Union go figure?? I have come across quite a few accounts like that. Which in the long run will be easier to correct once discharged, I only have to deal with the one report for that account.

see if that may be an issue.

pink_amulet

[StaciMM]

They aren't based on the same equations. MyFico has the most commonly used scoring model, but each of the bureaus have their own. Even though they're evaluating the same info, they're not doing it in the same way. So, your FICO/Experian score will not be the same as the score that Experian generates.

Kind of like how size 8 Nike may not be the same as a size 8 in some other brand. They're both shoes, they both use sizes, but they don't use the same scale.

Edited to reread the entire post...

2 things-the bureaus do not work together. One may have more errors, and a different combination of accounts, than the other.

[nervousinohio]

Well, when creditors look at the scores. . .which bureau do they use. How can they use all 3 when they report a totally different score. . .I mean 100 or more points different? They seem to have the same info. . .on all 3.

[pink_amulet]

Well, when creditors look at the scores. . .which bureau do they use. How can they use all 3 when they report a totally different score. . .I mean 100 or more points different? They seem to have the same info. . .on all 3.

I heard that it is a combo of all three scores, there is some magic formula that they use to figure it out. So it is an "average" score, I may be wrong, but that would be the fairest. I haven't heard of companies using just one and only one report.

Side note, my parents have crystal clean credit reports...high 750's, if not higher, and she said that they report slightly different. Theirs will fluctuate week to week, depending on who reported and when. The credit companies may report on different days so that may change your scores, but 100 pts is a big difference.

Once you have all 3 reports in front of you, and they are ALL reporting the EXACT same things, accounts, totals, discharges...etc.......then I would start to worry if you saw a BIG difference.

look into it

pink-amulet


PS I see that you were JUST discharged. Congrats!! Anyways, you have to let the credit companies adjust your reports, it may be too soon for them to finalize anything, so you will see differences. Now you are discharged, they all will have to reoport the same...discharged, and all the totals be at zero, once all that happens you should be on track. Good luck

[nervousinohio]

Alright well, thanks for your help. Yes we were discharged. We received our letters in the mail today! YAY! I just wanted to keep track of our scores. . .mainly my husbands since I don't work (won't be applying for anything). Hopefully, in 6 months to a year depending on how long we can stay in our house (surrendered it) we can find another place to live.

[StaciMM]

Most mortgage lenders will use your middle FICO score, or a version of it at least. (May not be EXACTLY the same as what you can pull. I understand there are 'mortgage enhanced' scores, 'auto enhanced' scores, etc. I imagine that means that certain types of lenders put more/less weight on some areas than others, but that is just my guess and even if I'm right I don't know the details!) So, if your scores are 595, 620, 629, the 620 is your mid score and controls your rates.

Differents creditors/lenders may use something else. They might even have their own model. I've read that Macy's uses the Experian Plus Score, but I've not read about any other specifics.

Well, when creditors look at the scores. . .which bureau do they use. How can they use all 3 when they report a totally different score. . .I mean 100 or more points different? They seem to have the same info. . .on all 3.

Edited to add:
I have noticed that the 3 bureaus each have their own pace. Experian seems to be the first to update, then EQ, then TU. I guess its like the mail... You can send out letters to 3 places, all about the same distance away, but they probably won't be all delivered at the same time!