Anyone know why my 3 FICO credit scores are different?
and dont have the same accts history? The scores are Equifax-665= 2-accts/2-open Transunion-670= 2-accts/2-open Experian-793= 6-accts/4-open All three have the same 2 accts open but only Experian has the other 4 accts in my history and it is all correct. This results in a difference of 120+pts? So basically the one company with all my correct information is correct 100% and im not just saying that and The other 2 are missing the other 4 accts and their history? How do I let them know or how do I get the other 2 companies my correct information so they can change my scores? And also how would i dispute inquires on my reports, by phone or mail? Any help would be greatly appreciated, but I would rather have information on the first question, Thanks
- SPIFIMAN1Lv 71 decade agoFavorite Answer
This should help you to understand how credit scores work..
FICO scores from 300 to 850 and Vantage scores from 501 to 990.
Here is the breakdown for both systems.
Vantage Plus system scores from 501-990.
FICO system scores from 300-850.
FICO is the only one that matters since it's the one that all major lenders look at.
So as you can see it depends on if your looking at a true FICO score or a Vantage plus score.
As far as what makes up credit scores it's the following;
1. Payment history (longer the better) 35%
2. Time in bureau (longer the better) 15%
3. Types of credit (mix of credit cards & installment loans) 10%
4. New credit (new accounts and inquiries) 10%
5. Debt to credit ratio (lower the better) 30%
And just so you will know Experian only uses Vantage, Equifax only uses FICO and Transunion uses both depending of which type of credit report is requested of which there are 3. The standard that people get from the Internet, the auto enhanced which only car dealers and lenders see and the factual which only mortgage people see. The last two are not available to the general public.
To have the very best score and profile people need 3-4 credit card accounts (revolving) with balances below 30% of their credit limits and 2 cars, homes, boats, motorcycles, computers, furniture or personal accounts (installment) all with good long payment history's.
Add to this that unless you get your scores either direct from the credit bureaus, myfico.com or through annualcreditreport.com your getting what's called a FAKO score which makes it even worse because they all have their own system to calculate scores.Source(s): Finance Manager for over 9-years / 2010 edition Consumer Action Handbook.
- redhairedmama75Lv 51 decade ago
There is no way that your experian score is a FICO score as experian stopped selling fico scores to consumers as of Feb 2009. It would be a plus score which has zero correlation to fico what so ever. The only score that counts is FICO.
Also no information is missing from equifax and transunion even though it is on experian. You see not all creditors report to all bureaus and there is no requirement for them to do so. Obviously some of yours only report to experian.
The 5 point difference count be due to the fact that there are different models of fico that are used such as fico98 and I forget the other model but a five point difference is not worth being concerned about. Could also be an inquiry or two.
- Anonymous1 decade ago
only ONE is FICO score - FICO is a trademarked name - each bureau has their own unique formula and one score has nothing to do with any other bureaus score