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My credit score is different than I expected. Why?
We use the VantageScore 3.0 credit score model. If you have recently applied for a mortgage, you may have received a FICO score. VantageScore 3.0 requires as little as one month of credit activity to generate a score, whereas FICO requires six months of credit activity before issuing a score. The criteria and weights applied to factors such as payment history, credit utilization, and length of credit history vary between these models, leading to differences in the resulting credit scores.
Please keep in mind that while scores may be different depending on how your bank or lender may use them, they are a good indicator of your financial profile, and it’s always in your best interest to know your score from both parties.
Resolving Credit Score Discrepancies
If you notice substantial differences across platforms that do not align after 30-45 days, consider the following steps:
Review credit reports from all major bureaus to identify discrepancies.
Contact the credit bureau(s) to resolve any reporting errors.
Refer to your creditor(s) for clarity if data updates seem outdated or incorrect.
Differences arise due to the timing of credit data updates, as creditors report at various times throughout the month. For example, some creditors might update on the 3rd of the month, while others update on the 20th. Additionally, credit data is dynamic and changes as new information is reported, such as account balances or recent payments.
Over time, these discrepancies often align, but if significant differences persist, contacting the credit bureaus directly is recommended.