My situation, my credit scores are in the low 600’s and am trying to get all my credit cards under the 30% threshold and at the same time reduce my total debt. My problem though is with the credit scores. It seems now we have to be concerned with two sets of scores, FICO and Vantage 3. When getting your scores from the 3 major reporting agencies they only give you one.
If I am affected by both should not the credit bureaus be obligated to give both? To be honest I think this whole system of credit scores, though necessary to the financial institutions, is also being manipulated to further enrich these institutions.
Why aren’t the Credit bureaus obligated to give both these credit modules to the consumer ?
There are hundreds of variants of credit scores. Each creditor can develop their own so the algorithms are endless based on what the creditor is looking for. You can actually have hundreds of different credit scores.
With Equifax you are assigned an Equifax Credit Score, “which is a proprietary credit model developed by Equifax.”
Experian uses the FICO model and TransUnion says that when you look at your credit score, “chances are you’re not looking at the same score as your bank or finance company.”
And while the Vantage credit score is supposed to be a more generic score based on information from each credit bureau, Credit Karma says, “If you pull your VantageScore credit score from different bureaus, you may notice that they might not match. The scoring model was developed to apply consistently across the three major credit bureaus and was created using credit information from all three companies. However, the fact remains that information between bureaus doesn’t always match for various reasons.” – Source
No matter what the credit score is that each of the major credit bureaus shows you, they are most likely going to be different for all these reasons. Ultimately there is no universal or complete credit score to give you. But, looking at your credit score can at least give you an idea where you stand in general.