Differences between Credit Scores
Not all credit scores are created the same way! While all credit scores come from the information that is on your credit report, it is possible to use this information in different ways. There is more than one way to create a credit score therefore the credit score you are assigned from different agencies will not be exactly the same.
Each of the three big credit bureaus has their own method of coming up with a credit score. TransUnion uses a method called zendough, which gives you your credit score, in addition to other helpful information. You will end up with a credit score that falls somewhere between 501 and 990, which has also been assigned a grade of A through F. Experian uses a method called the Experian Plus Score. This will result in a credit score that is between 330 and 830. Equifax uses their own method of determining a person’s credit score. It is called the Equifax Credit Score Card, and it gives you a general idea of what your credit score is.
Not all lenders or creditors will report activity to all of the big credit bureaus. Perhaps your credit card company only gave the information about the new credit card you applied for to just one credit bureau. Maybe your bank reported your mortgage to a different one. This means that your credit report is going to look different to each of these three credit agencies. Since your credit report is not the same for each credit bureau, your credit score is going to be different, depending on which company you got it from.
All three of these credit bureaus will also use something called a Vantage Score. This is a credit score is derived from combining the information that is on your credit report as discovered by Experian, Equifax, and TransUnion. The credit score you receive from the Vantage Score system is not going to match the score given to you by any one of these credit bureaus.
Most banks and creditors use the FICO score to determine credit worthiness. FICO is the most popular form of creating a credit score. The FICO score is used by some of the big three credit bureaus as well as their own methods. Your FICO credit score will fall between 300 and 850. The higher the number, the better your credit score is considered to be.