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| *Ostroff, Fair and Company>>>Credit |
My 3 credit scores (exp,transU,Eq) are very different, and my report doesnt show evertything. why? |
I just received a recent credit report from my Discover card, part of the services they do, and my three scores varied greatly. One was 768, the other 675, and then 666 (lol). Then I have an online Washington Mutual account that lists me at 621. :-/ Also when I looked through my credit report, they did NOT list my bankrupcy on there, I have no idea why, and also, not everything was reported. It seemed very messy, and disorganized. Not all my creditors were listed either. I don't get it, but seems very highly disorganized, and the scores are radically different. How then do I know where I officially stand with all this difference, and knowing that the scores change practically daily? It's frustrating. Also unfair. B/C a score of 666 is dramatically different than a score of 768, and how do I know which one gets looked at when I go to lets say a Bank for a mortgage? How do I make any sense out of all this confusion? I look at credit every day and believe it or not this is not uncommon. Each of the three major credit bureaus have their own way of calculating your score and not every lender reports to every credit bureau. Add this to the fact that there are at least three different bureaus that can be pulled regular, auto enhanced and factual and you begin to understand why a100-point spread is not uncommon. There is a new score system called Vantage that is supposed to address this but it is not being used as the default score system yet. As far as finding out which bureau someone looks at, this veries by lender, State and even Zip code. So the only way you can know for sure is to ask. Source(s): Finance Manager for over 7-years All companies do not have membership with all three reporting agencies. You need to send updated information to those that do not have correct info. If applying for a loan ask which one they use. personal experience Different creditors report to different reporting agencies (not all report to all 3 agencies or any of them). The big 3 are the largest and most trusted nationally and banks will pull all 3 and average your credit scores somehow. As to why the bankrutcy isn't listed, what are the circumstances? Has it been discharged yet, or was it more than 10 years (I think) ago? If it's newly discharged, it may take a while to be posted, and there is also a time limit that a discharged bankruptcy will remain on your report, usually 7-10 years. If you try to make sense of it you'll become an alcoholic. This is a very good question but requires a very long answer. I will try to sum it up in a short answer though. Not all credit companies report to the bureas the same way. Not all of them report to the same bureaus. Some report but purposely omit information which alters credit scores. The score that is used for a mortgage is always your median (second highest) score. |
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