Why is my Credit Score different on different sites?

Credit score is a useful parameter if you are applying for a loan, mortgage, or credit card. You might come across that whenever you are checking your credit score with multiple site it is showing you different data. So you must be thinking Why is your credit score different on different sites? Let’s understand the reason behind it.

Before knowing the reason why credit scores change from site to site, it is important to understand the terms related to it. After reading this blog post, I assure you that you will have a complete understanding of why credit score changes from agency to agency.

Quick Answer

The main reason for different credit scores is due to multiple credit scoring modes. To calculate your credit score, different websites use different credit models that give different credit scores.

What is Credit Score?

A credit score is a three-digit number that refers your creditworthiness. Creditworthiness is the factor that helps lenders understand how successfully you will be able to repay the loans and other credit card bills. If you have a good credit score that means your application for the loan or the mortgage will be approved more easily and the lenders will offer a high credit limit if you apply for the credit card.

On the other hand, if you have a bad credit score your application will not be approved, or you will be offered a low credit limit. If you pay your dues on time helps you to improve your credit score, while if you fail to pay the bills on time, it will negatively impact your credit score.

5 reasons why your credit score different on different sites

Why is my Credit Score different on different sites?

There can be multiple reason Why is your Credit Score different on different sites.

Multiple credit scoring models

The main reason for different credit scores is due to multiple credit scoring modes. To calculate your credit score, different websites use different credit models that give different credit scores. These slight changes in the credit score result in different credit scores when you visit multiple websites.

Source of Data and reporting practices

Data sources and their reporting practices can also be the reason for differences in credit scores on different sites. Credit bureaus collect data from multiple sources such as banks and lenders but sometime is is not necessary that every lender report to all credit bureaus.

In this case, some sites may have access to more information that gives you more complete picture of your credit history.

Credit bureaus update these records at different times on their website which can lead to variations in the credit scores you see on different sites. Consequently, some site shows you more accurate information than the others.

Depends on Time and update frequency

The time and update frequency can also be one of the factors of discrepancies in credit scores on multiple websites. If the site updates the data on a weekly basis, then it will show more accurate data compared to the site, which updates its information once a month or quarter.

So if you have recently applied for a credit card your credit score might vary. Some sites detect this information due to more frequent updates, while the other site takes time. This results in varying credit scores when you check different websites.

Variation in range of credit score

Range of Credit score can also be the another factor for the difference in credit score. Some sites show excellent results while checking the same other websites it is showing Good.

This can be due to the range of credit scores, so it’s important to understand the range of credit scores when you visit different sites to check your credit score.

Discrepancy in Credit Report

Discrepancy in Credit reports can also be the reason for difference in credit score. Errors in credit reports can occur due to missed payments or incorrect personal information. So it is recommended to regularly check your credit history.

Checking these errors and fixing it instantly can help you to get a more accurate credit score.

What is a good credit score?

It is difficult to say which credit score is good. It depends more on the lenders. If you have a high credit score, you are more likely to get approval for a loan or credit card. A higher credit score determines that you have repaid all your dues on time in the past, so it is the green signal for the lenders. This gives belief to the lends that you can pay your bill on times.

If your credit score is between 881 -960, then you fall in the good category according to Experian, which is the largest Credit agency in the United Kingdom.

Here is the data for the credit score of the different credit agencies.

Credit Score	Equifax	Experian	TransUnion
Fair	439-530	721-880	566-603
Good	531-670	881-960	604-627
Very Good	671-810	–	–
Excellent	811-1000	961-999	628-710

If your credit score is below fair, then your chances for approval are very low if you apply for a credit card or loan. You should consider improving your credit score. Credit Card Builder helps you to improve your credit score.

You can look younger and the Ocean Credit card. This credit card gives you approval even if you have a low credit score.

Why do you have 3 different Credit Scores?

Equifax, Experian, and TransUnion are the 3 major credit agencies in the United Kindom. These agencies use different methods to calculate your credit score. This is the reason why you are getting 3 different credit scores, especially if you are living in the UK.

Equifax

It is one of the major credit agencies in the Uk and its credit score ranges from 0 to 1,000. If you have a credit score between 811 – 1000, you fall in the excellent categories. Having high credit score helps to get the loan more easily.

TransUnion

TransUnion is the another major credit agency in the UK. The credit score given by TransUnion is known as the TransUnion CreditVision scores. This agencies gives you credit score as well as your credit report.

The range of credit scores varies from 0 to 710. The credit score helps lenders to assess the creditworthiness of the customer.

Experian

Experian is another credit agency in the United Kingdom. It considers multiple factor to calculate your credit score such as payment history , Credit utilisation ,Available credit etc.

The credit score of this agencies generally varies from 0 to 999. A credit score between 961 to 999 is considered an excellent credit score.

Factors that Impact Your Credit Score

Credit Scores can be positively or negatively affected due to multiple reasons. Here is some of the reason how your credit score is positively affected:

Make sure to clear all your dues such as mortgages or loans on time.

Ensure you are registered to vote.

Take loan only if you can repay it.

Factor that can negatively affect your credit score:-

Paying your dues late can decrease your credit score.
Frequently applying for multiple credit cards can also impact your credit score.
When applying for credit card builder, which undergoes a hard credit check which slightly decreases your credit score.

Managing your credit card is important because failing to repay your bills negatively affects your credit score. Sometimes, it isn’t easy to rebuild your credit history.

Conclusion

There can be multiple reasons why your Credit Score is different on different sites. No need to panic if your credit score is different on different site. It is better to understand the pattern and focus on building on your credit profile.

To improve your credit score pay your pending dues on time and avoid applying for multiple credit card if you are capable to repay it back.

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