Credit Score Discrepancies

[pennypinch]

Did you know that the credit score that you see may be different from one that lenders get? I had no idea until I read an article about it. Why are there discrepancies between the credit score that we know of and one that our lenders see?

The study found that credit reporting agencies use different models and choose different financial data to crunch into different credit scores for consumers than they do for banks, retailers, landlords and other creditors.


"Given this complexity, it is unlikely that a consumer will often be able to know the exact score that a particular lender will use to evaluate them," the report stated.

I don't understand why they make these things so complicated. This should boil down to a simple math equation. One in which anyone who did the math would come out with the same answer.

I know what my credit score is... but what do my lenders see?