How To Determine Your True Credit Score

There are three main reasons why your credit scores may vary.

  1. Credit information being reported on one credit report and not the other. Ex. You have a collection account on Transunion but not Experian, then your Experian credit score may be higher.
  2. Missing information such as positive accounts. Let’s say you purchased a car and the lender only reports to Equifax. Then that means your Equifax score may be higher due to positive information reporting on one report and not the other.
  3. Different scoring models. There are several different scoring models. EX. FICO, Vantage Score, and Plus Score. All of these scoring models are different and were created by different companies. In fact some lenders have their very own scoring system.

So if Wells Fargo uses Fico, it’s because they have a contract with Fico. If Chase uses the Vantage Score, it’s because they’re paying Vantage to pull your score. Truecredit.com and Credit Karma uses Vantage Scores while Creditchecktotal.com and MyFico.com uses the Fico score.

So what does that mean? Use credit monitoring services as a frame of reference. It isn’t your true score. So what is your TRUE credit score? In my opinion, what ever score a lender pulls for you.

Example: When I had good credit I went to purchase a car. One dealership pulled a credit score of 675. I left that dealership and went a block down to another one. That dealership pulled a credit score of 702! Who’s right? They both are. Depending on who they used is what generated my credit score. Also keep in mind that auto scores, insurance scores, and mortgage scores are all different! So yes, as confusing as this may sound there is no true answer.

When determining my credit score, I use MyFico.com.

However, I use Creditchecktotal.com to monitor my credit reports. So as long as my credit score isn’t dropping significantly while monitoring my credit, I would only check my Fico score every six months. —-
However!!!! Creditchecktotal.com is now offering credit monitoring and your FICO credit score for only $39.95 a month!! Hope this helps!

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