Different credit score?

To determine your credit score, credit bureaus use five factors namely payment history, level of debt, type of credit, credit history length and applications for new credit. Each of these factors has a role in deciding your credit score with payment history playing the biggest role.

Since there are three different credit reporting agencies, it’s possible that you receive different credit score from each of credit bureaus with each using different models for calculating your credit score. All of three major credit bureaus Equifax, Experian and TransUnion operating separately and not all financial institution reporting to all of major credit bureaus, it’s quite possible that the you have different credit history with all of credit bureaus. And this difference in your credit history will be visible in your credit score as well. So depending upon the information credit bureaus have about your credit history, your credit score can vary greatly from one credit bureau to another.

It is not only the information about your credit history but also the kind of credit scoring model being used by various credit agencies may bring variation in your credit score. According to Fool.com, Equifax is the only credit reporting agency that is selling the credit score to the consumers and the term being used to refer to credit score is BEACON by Equifax. Equifax credit score range varies from 350-850.

Experian and TransUnion use the Fico scoring model to calculate a consumer credit score. Experian credit score is known as Experian/Fair Isaac Risk Model or PLUS and its score range varies from 330-830. TransUnion credit score is known as EMPIRICA and its range varies from 300-850.