Why Your Credit Scores Vary Agency to Agency

September 18, 2013

Information on Credit Score DifferencesWith credit scores having such a huge impact on your home finance options and ability to get a loan on Chicago homes, every point on those scores counts. When you order your scores and find three different values, though, what are you to do? The Equifax Finance Blog has the answer in the article, ”

Why Are My Three Credit Scores Different?

While it can be difficult to confirm exactly why and individual’s three scores are different, it usually comes down to one of these three variables:

Different Account Info – with three different agencies, it’s possible that the same info hasn’t been reported to each one. This leads to a different data set with which the bureau uses to tabulate  your credit worthiness. It could also be the case that there is an inaccuracy in the report, either from fraud or simply from  filing errors. Giving your report a thorough check for mistakes can make all the difference in the world, and can save you from lots more trouble down the road, if you are able to catch fraud early.

Different Scoring Methods – each group looks at risky behaviors in a different way, and assigns weight in the score to different activities. While the difference here shouldn’t be startling, there is enough for there to be an expected difference.

Timing – this one is pretty simple, in that if you order the reports at different times, there’s going to be differences as more data is gathered into each report. While this is basic explanation, it can be one of the most useful ways to show you how your credit changes over time.

To learn more about how to boost your credit, prepare for your house hunt, and how to

protect yourself from identity theft, explore the articles on the Equifax Finance Blog!

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About The Author

Read All Stories By Mitch Levinson

Mitch Levinson is the author of “Internet Marketing: The Key to Increased New Home Sales” published by BuilderBooks. He is an Internet marketing expert with expertise in search engine optimization, website development, email marketing, social media and CRM consulting services. He is known for creating effective programs that can be tracked through analytics to prove effectiveness and ROI. Mitch is founder and president of MLC New Home Marketing and MLC FlatFee Realty, as well as managing partner of mRELEVANCE, LLC, a Marketing, Communication, Interactive agency with offices in Chicago and Atlanta. He currently leads the Chicago team. A Multi-Million Dollar Sales Producer who earned an MBA in Computer Information Systems and eCommerce, he brings a unique perspective and experience to the field of real estate communications. Mitch combines the two interests in order to help home builders and developers gain a competitive advantage through the Internet and technology. When he isn’t behind a computer, he enjoys participating in sports and coaching his kids’ teams. Mitch resides in Arlington Heights, Ill., a northwest suburb of Chicago, with his family, which includes two rambunctious labs. Visit my Google+ profile.

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