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Why your Credit Scores are Different

As a credit challenged consumer applying for poor credit car loans you may be wondering why your credit scores are not the same from each credit bureau

It happens all the time

Ever wonder why your credit scores from each of the credit bureaus are different?

Even consumers with bad credit that need terrible credit auto loans ask us this question here at Auto Credit Express where we’ve spent nearly twenty years in bad credit auto sales.

And while a web site we designed helps applicants understand down payments and how bankruptcy and repossession can affect their chances at an approval for a bad credit auto loan, it can’t possibly cover every topic. So today we’re going to check out why most people have a different credit score at each of the credit bureaus.

Credit score differences

But rather than go through our own explanation, we thought it might be a good idea to go right to the source – FICO, the developer of the FICO score. In a recent blog article, Joanne Gasking, product management director for Scores at FICO had this to say, “If there is a score difference across bureaus for a given consumer, then that score difference is 85-90% driven by data differences in the underlying credit.”

Examples that she gave include:

•    A tradeline may be reported to one bureau and not another
•    Reported delinquency status may differ between bureaus
•    Outstanding balance on a tradeline may differ between bureaus

These issues can be caused by:

•    Lenders report information to all three bureaus, but at different times
•    A lender reports to one or two of the bureaus, but not all three

In addition, Ms. Gasking also points out that the way the credit bureaus handle their data is not always the same. She then goes on to list this example “one CRA (credit bureau) has a policy to not display authorized user tradelines with negative information on their reports; the other two bureaus do.”

As we see it

Even if you have bad credit, it’s important to know your credit scores. It’s also important to understand why your credit scores are different from each of the credit bureaus.

It’s equally important for you to know that whether your car credit is good or bad, our nationwide dealer network specializes in the broadest range of credit situations. This means you’ll get your best chance for approved auto loans

So if you’re serious about getting your auto credit back on track, you can begin now by filling out our online auto loans application.

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