True Credit Report

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Credit Check Online

When you pull your credit report from one place online and then when a company where you have applied for something that you credit depends on and you get a different score one begins to wonder what is really a True Credit Report.

So let me try to help you better understand this puzzling question. First off, I guess one could say that there is no one true credit report.

There are three major credit reporting agencies which are Transunion, Equifax and Experian. Some creditors report your credit history with them to all three of these credit reporting agencies and some just report to one of them. If a creditor reports to just one then it may be anyone of the three.

This is how you will come to have a different credit history with each of the credit reporting agencies.

Each credit bureau has a different scoring algorithm that they apply to your credit history that they have on file to determine your credit score. These algorithms are all proprietary and they will not disclose how they work to you.

These algorithms are supposed to be able to predict your likelihood of repaying a new loan based on your past credit history. So, it takes into consideration such things as what type of credit you have had in the past, how many times you were late, did you default all together on the loan and did the credit have to sue you and get a judgment against you to collect the debt. Some types of debt carry more weight than others such as tax liens, student loans and foreclosures.

So, you can see that if your credit history is different with each credit reporting agency and they apply a different algorithm against that history that each agency will come up with a different credit bureau score.

View Credit Score

To add to the confusion credit is scored differently depending on the type of credit for which you are applying.

If you go online and retrieve an online credit score then this is considered a consumer type credit score. This is the score that would be viewed if you were applying for consumer type credit such as credit cards, gasoline cards or retail store credit. This type score is the most lenient of the scoring models.

If you go to buy a car then you might find that you score is less than the one you retrieved online. That is because this credit scoring model is a little more strict than the one used for a consumer score.

The most strict of the scoring models is when a mortgage company retrieves your credit report and score to possibly give you an approval for a new home loan.

So many times a person obtains their credit report on line and then they are shocked when they are told that their credit scores are too low to get approval for a mortgage loan.

And hopefully now you can better understand why there are differences in your credit report scores.

How To Read A Credit Report

Reading a credit report can be confusing and you might say I really want to know How To Raise My Credit Score. Raising your credit scores is not that hard you just need to know what steps to take to make it happen.

To learn more about how you would Check Your Credit Score, What a Tri-merge Credit Report is, How To Obtain a Free Credit Report and Whats a Good Credit Score then visit Check Credit Score.