Why Are There So Many Different Credit Scores

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.​
  1. Each of the three credit bureaus maintains its own credit history on a person. Because that data can vary, scores from each bureau vary.
  2. FICO® and VantageScore use different credit scoring models to calculate a score.
  3. Within FICO® and VantageScore, there are even more scoring models. For example, FICO® calculates separate scores for auto lending, mortgages and credit card applications.
  4. Banks and other lenders may use their own algorithms to calculate custom scores.