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I have recently checked my scores for all three and they rang from 740 to 659. Why such a... |
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Date:
August 17, 2007, 4:52 am |
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I have recently checked my scores for all three and they rang from 740 to 659. Why such a difference? Also I have seen a card that takes all the "change" from a purchase and puts it into a seperate account, do you know which card that is? |
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Answer:
Credit bureaus are credit reporting agencies that collect information about consumers and provide it to banks and other issuers. The three major bureaus are Experian, Equifax and TransUnion. These companies form your credit report according to the data submitted to them by various issuers and lenders. As a matter of fact all issuers must report to all three bureaus, but in practice some lenders report to only one or two of them. That's why it is extremely important to request your reports from all three bureaus and check them for any omissions or inaccuracies. Otherwise, the scores in time may vary significantly, as it has happened in your case. You highest score is 740 that is considered good. However the lowest one (659) is only fair. Talking about card issuers they generally look at all three scores and as a rule are guided by the lowest one. Thus, you may be eligible only for fair credit offers. To resolve this situation you should request your reports, check them, and correct all mistakes or omissions. In future try to keep you scores equal or at least on the same level. |
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