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In addition to keeping in the financial know, you may be interested in checking your credit score and report.
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Last week, we talked about differences in your credit score among the three credit-reporting agencies (CRAs). While Equifax calculates your Equifax Credit Score based on information from all three agencies, other companies may be calculating your credit score differently.
I usually get questions about differences in credit scores when a consumer is checking his or her credit report to make a big purchase—like a car—or to apply for a mortgage.
There are different credit score models available to lenders. Some use industry-weighted scores, and others use blended scores from all three CRAs. The lender determines which score model it prefers.
Plus, a credit score is a moving target. It could change every day as credit grantors, public records, and collection agencies report data.
How Is My Credit Score Calculated?
Credit scores are calculated using data from your credit report. Check out this blog for more details on what goes into your credit report. The information in your credit file may differ across the three CRAs. Because your score is calculated using the information in your credit file, and your credit file may differ by agency, there may be differences in your scores. That’s why it’s important to periodically review your credit reports and scores from all three CRAs to ensure the accuracy of the credit file data.
Since your credit file changes as credit line balances change, account statuses change, etc., your credit score may have changed if there has been any key activity on your credit file since the last time you checked it.
Equifax calculates your credit score from all three of your credit files—from Equifax, Experian, and TransUnion—using the Equifax Credit Score™, which is a proprietary credit score model developed by Equifax. Credit scores calculated based on this model may differ from scores used by other companies.
If your Equifax Credit Score differs greatly from the score your lender has calculated, you might want to bring a recent copy of your Equifax Credit Score to the lender. You can then compare the differences and figure out which information is missing or inaccurate.
The information contained in this blog post is designed to generally educate and inform visitors to the Equifax Finance Blog. The blog posts do not give, and should not be assumed to provide, personalized tax, investment, real estate, legal, retirement, credit, personal financial, or other professional advice. Before making any financial decision, you should always consult with the appropriate professionals who can explain your options, rights, and legal responsibilities, and advise you on any tax, legal, credit, or business implications that may result from those decisions. The views and opinions expressed by the authors of blog posts are their own views and may not be the views or opinions of Equifax, Inc. and/or its affiliates.
Equifax maintains this interactive forum for education and information purposes in order to allow individuals to share their relevant knowledge and opinions with other members and visitors. We encourage you to participate in discussions about personal finance issues and other topics of interest to this community, but please read our commenting guidelines first. Equifax reserves the right to monitor postings to the forum and comments will be published at our discretion. Do you have questions or comments about your Equifax credit report or customer-service issues regarding an Equifax product? If so, please contact Equifax directly. All opinions and information expressed or shared in blog comments are solely those of the person submitting the comments, and don't necessarily represent the views of Equifax or its management.