Is Your Credit Score Different Depending On Which Company You’re Using? You’re Not Alone.

By Mike Wayman

Have you ever had a look at your credit report before applying for a loan only to find that when your credit is checked that the score is different? This is not unusual and yet it can be a major surprise for people when it happens. How is it possible to get two different credit reports for the same person?

The three major credit bureaus, Equifax, Experian, and TransUnion, all are private companies traded on the New York Stock Exchange. They are not government agencies, they are businesses in the business of making money, just like any other business. What does this mean for a consumer? It means that these credit bureaus are given permission by you to access your credit information any time you apply for a loan..it also means that when they make their report they can report anything, regardless of whether or not the information is up to date.

So why is the information not up to date with all the parties using credit bureaus? Creditors don’t always submit to all the credit bureaus. Updates to your account are sent to all the bureaus, but often not at the same time, so one may be more up to date than another. Balances can vary as a result of this time variable. Also, credit amounts can vary and even be incorrect from the different bureaus. Be aware and update yourself to insure your credit is up to date.