Which credit bureau is most important?

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2tna2
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Which credit bureau is most important?

Postby 2tna2 » Mon May 13, 2013 7:41 pm

My credit scores varies greatly between Equifax, Experian and Transunion. With Equifax I have a 754 but with TU it is 718 and Exp is 739.

Is this normal to have such differences and which one should I worry about the most?

Is one credit bureau more important than the others in that it gets used more often?


Sevenfeet
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Postby Sevenfeet » Mon May 13, 2013 8:46 pm

They vary for a number of reasons. First, the information in them may not all be completely the same. Not all lenders report to every single credit agency. And few lenders do hard inquiries against all three agencies at once, which is another opportunity for divergence. One or all of the agencies may have inaccurate data in your file which you can review and ask to have changed.

Finally, all of them us different proprietary methods to come up with a credit score somewhat in line with what FICO offers based on the same information...and even those formulas have different versions and methods based upon different criteria. For example, even though Transunion sponsored Credit Karma, the score posted there probably isn't the same score as what you would get if you bought a score subscription service from them.

What you should try to do is play the long game. Pay your bills on time. Make sure the data is correct. Don't apply for credit too many times and lower your score that way (stop snickering people). And the scores should equalize in time. But they will always be different.
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Snowman
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Postby Snowman » Mon May 13, 2013 10:02 pm

I agree with Sevenfeet. Also, I think where you live might play a factor as well. For example, I live in Southern California, and everybody here pulls EX and sometimes TU. Nobody really pulls EQ where I live. There are a variety of factors and data like Sevenfeet said.
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