Why are my three credit scores so different from each other?
You have three FICO scores, and each is based on the data stored by the individual credit bureau. And there can be significant differences in the data each credit bureau maintains. This is not due to an error on the part of the bureaus; creditors contribute data to the credit bureaus voluntarily, and do not have to report to all three. Most large creditors report to all three bureaus, but this is not the case with collectors and smaller creditors.
Reporting Schedules Vary
There is another reason your credit scores may differ, even when there is no obvious content difference between the bureaus. Each credit bureau receives and processes reporting updates, such as balances, payment history, etc. on their own schedule. These timing differences can make a big difference,as you monitor your scores during your credit repair program. For example, if one bureau receives an update that a credit card balance has increased before the others do, that score will be lower, at least until the others catch up.
The Importance of Planning
If you are working on credit repair and trying to optimize your scores for a major purchase you should plan well in advance. Given the content differences between the bureaus make sure to check all three for any corrections that need to be made, and given the timing differences between the creditors reporting cycles make sure to allow for a full 60 days for all three bureaus to catch up with any balance adjustments or payoffs you are making. If you are in our credit repair program we will help you plan your purchase as carefully as possible.