Dec
06
Ever wondered why your credit report information and 3 credit scores vary? If you have ever looked in detail at the your credit report information and 3 credit scores from each of the three credit reporting agencies, you know that your credit report information and 3 credit scores can and usually do vary. If you wondered why, here is the simple answer:
Why your credit report information varies:
- Different business & credit reporting agency relationships – each bank, credit card company, mortgage company, etc have different credit reporting agencies they update on a regular basis. In many cases, each company does not update all three of the credit reporting agencies. So, for example, when you make a late payment on your bank visa, the information might go to Equifax and Experian, but not to TransUnion.
- Different court records – Equifax, Experian and TransUnion are all seperate companies and have their own set of employees / staff that have to monitor new court records and update each of our credit reports.