Why Do I Have 3 Credit Scores?

The reason you have 3 different credit scores is because each credit reporting agency - Transunion, Equifax, and Experian all have their own formulas for creating their respective credit scores.

They want you to buy their scores and get a complete picture of your credit rating.

When you compare your 3 credit reports, you see that they all have different information. So it stands to reason that you will not have the same credit score with each company.

Click Here To Check Your 3 Credit Scores Free

When you talk about credit scores, you may not even be talking about the same score. You may have a FICO score from one company, a Beacon score from another and then you have the VantageScore from yet another.

The FICO is the one you hear the most about. The Beacon is an older score that is usually associated with mortgages. The VantageScore is a new scoring system that has not caught on as well as Experian would have liked.

And lenders don't get all three scores when they pull your report.

If you know all 3 of your scores and know which one your potential lender will use, you can shop around for the best deals. You can send an email or make a phone call and ask which agency they pull from.

You may have a good FICO score but not a good Beacon score for some reason or another and you should go with the lender who uses the better score. You could save thousands of dollars over the life of the loan.

One credit reporting agency may have 10 good credit card accounts in their report and another may only have 8 or 9 so your score will vary.

It is up to you to make sure all 3 bureaus have all your information. You can use the online dispute forms to dispute inaccurate information or to have them add information.

You can check all your reports for free at annualcreditreport.com and see how they compare. You can buy your credit scores when you request your free reports as well so you can see how you measure up.

Know that 80% of your FICO score come from 3 major areas - your payment history, how much you owe and how long your accounts have been opened. If you concentrate on these 3 areas, you can improve your credit scores from all 3 agencies.

Now you know why you have 3 credit scores and now you can get them for free at the link below.

Click Here To Check Your 3 Credit Scores Free