Why Are There So Many Different Credit Scores
One may have credit reports with one or more of the national consumer credit bureaus: Experian, TransUnion and Equifax.
- Each of the three credit bureaus maintains its own credit history on a person. Because that data can vary, scores from each bureau vary.
- FICO® and VantageScore use different credit scoring models to calculate a score.
- Within FICO® and VantageScore, there are even more scoring models. For example, FICO® calculates separate scores for auto lending, mortgages and credit card applications.
- Banks and other lenders may use their own algorithms to calculate custom scores.
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