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All to say, knowing your credit score is extremely important.
Heres the issue: Your credit score may vary wildly depending on which credit bureau you ask.
Take a look at these differences, so you’re free to manage your credit more effectively.
Each bureau collects and reports data independently; in other words, they dont share your information.
Not all credit bureaus have the same information.
This can lead to a different score with each bureau.
Why Are My Credit Scores Different?
Differences Between Credit Bureaus
Its not that thethree major credit bureausarent reliable.
They score you based on the information that they have.
The problem is that they dont always have the same information.
Heres why: Credit bureaus rely on credit card issuers to report your activity to them.
Some credit card issuers, likeCapital One, report to all three credit bureaus.
Not all issuers do this, however.
Some report to just one or two.
For example, youll find FICO 8, 9, 10 and 10T.
Sites use specific scoring models based on their risk assessment needs.
Timing of Credit Report Updates
Your credit report isnt updated in real time.
Lenders generally report your activity to the credit bureaus once per month.
That means yourcredit scoreis usually behind.
Thats because the credit bureaus havent yet received an update on your credit cards from your issuer.
Fortunately, credit bureaus typically modernize your credit score quickly after your lender has contacted them.
This results in a hard credit inquiry which appears on your credit report and temporarily dings your score.
VantageScore isnt typically pulled when deciding whether or not to approve you for a loan.
Instead, this is the score that appears when your score receives a soft credit inquiry.
These dont appear on your credit report, and they dont affect your credit in any way.
How To Interpret Your Credit Scores Accurately
Heres an overview of how to evaluate your credit score.
Lenders often, though not always, will approve you based on your score range.
If its in the fair range, youll be relegated to mostly credit-builder credit cards.
you’ve got the option to also check outAnnualCreditReport.com, which gives you a free report each year.
it’s possible for you to find it in your online account.
You dont have to pore through transactions every day.
Focus on trends instead.
If your credit score sharply decreases, take a look at your credit report to find any anomalies.
For example, a new account may have been fraudulently opened in your name.
Or you may have somehow forgotten to make a payment on a credit card.
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