How smart are we when it comes to keeping track of our credit scores? Answer these next questions honestly and then check out the surprises below.
How many of you pay to find out your credit scores every month? Who checks with ‘free’ site Credit Karma? How many of you go through your bank to get your scores? How about one of the sites which protects all your information and gives you your credit scores in the bargain?
Having pulled my own credit records from the Big Three agencies, I knew there would be no problem purchasing a new car. Imagine my surprise when I was told the car dealership had completely different information and their scores showed much lower than the individual reports I pulled that morning from Equifax, Transunion and Experian! Although I did buy the car, because their information was different, my down payment had to be larger.
Curiosity got the better of me, so I asked a friend to pull his records from various places to see if any of the information jived. Maybe it was just my own data that didn’t. This is what I discovered. NONE OF US knows our real credit scores. This is how his information played out.
EQUIFAX – Scores for all three agencies:
Equifax – 740
Transunion – 711
Experian – 742
TRANSUNION – Scores for all three agencies:
Equifax – 840
Transunion – 803
Experian – 830
EXPERIAN – For their own site only:
Experian – 738
CREDIT KARMA – One score only, but they did not list from which agency:
?????? – 726 (In addition, Credit Karma had wrong info regarding payments made and amounts owed which skewed their scores.)
HIS BANK – Again one score only:
Equifax – 718
SAFE HAVEN FOR HIS INFO – Scores for all three agencies:
Equifax – 673
Transunion – 726
Experian – 691
Based on my friend’s scores and my own experience, I decided for my own information, I will continue to go to each individual agency – Equifax, Transunion and Experian – to pull my scores and never get one agency’s information from their competitor. I am now all too aware that these scores mean little when you buy a home, car, or other large purchase because it seems lenders have an entirely different location from which to pull their reports.
Don’t be surprised if the Big Three tell you that you are Very Good, while your lender insists you are not good enough.