How can I determine whether the information used to generate my score is accurate?
The
Fair Credit Reporting Act grants consumers the right to a free copy of
their credit report once a year from each of the three national credit
reporting companies. VantageScore Solutions encourages consumers to
review the information in their credit files on a regular basis.
Who should I contact if there are errors on my credit report?
Each
of the three major credit reporting companies (CRCs) – Equifax,
Experian, TransUnion – has a system in place for addressing errors
contained in consumer credit files. Consumers should contact the CRC
that provided the report in question.
Why do I have more than one credit score?
The
primary reason that consumers do not have one universal credit score is
that there is more than one credit scoring model on the market being
used by lenders and the three CRCs. Simply put, different models have
different scoring criteria, which ultimately generate different results.
Also,
the consumer credit data maintained at each of the three CRCs is not
the same due, in part, to the fact that not all lenders report
information to all three and if they do, information may not be reported
at the same time to all three. Since credit scores are based on the
consumer credit data in your credit file, a consumer’s score may vary
from each CRC. The VantageScore model will minimize score variance
because the underlying scoring model itself is consistent across the
three CRCs.
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