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| *Loan,banking and credit>>>credit report |
How come my credit score is higher when I order a report than when I buy a car or house and they pull credit? |
How come my credit score is higher when I order a report than when I buy a car or house and they pull credit? Different agencies have different numbers. Also the FICO score is different than your credit score. Fico is what most lenders tend to look at. Your credit score is a number the 3 major reporting agencies use to give you a good idea of where you stand credit-wise. But it's never the same as your FICO. There are 3 agencies that track your credit and issue credit scores. They do NOT all use the same criteria for calculating your score, have the same data in them, etc. The 3 scores are usually different (mine have a range of about 30 points right now, from 734 to 701). When somebody "pulls" your credit, they can do one of several things: -- get your score from ONE of the companies (which they have an agreement with), and it may be the highest or the lowest... -- get your score from more than one and take the lowest one as their basis, or an average as their basis -- buy a "report" from third-party agencies that will just give your score without providing a full report (this is cheaper and is done a LOT) -- these third parties will supply your score as highest of the three, lowest of the three, average of the three, median of the three, etc. depending on what the customer wants. If you think the score you get when buying something on credit is wrong, speak up and tell them so. Ask them what their basis for your score is, which company they pulled it from, etc. They have to tell you by law. And if they're snotty about it, go do business elsewhere :) |
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