A Credit score is an essential parameter that a lender looks at before allowing the borrower to borrow credit. It imparts the credit history of the borrower by providing an insight into the late and timely payments, and the loan is taken and repaid. Many credit agencies give a credit report based on the credit details. At times, credit reports vary from agency to agency because of the different mechanisms followed. Various credit score models include FICO credit scores, Equifax, Experian, and TransUnion. Therfore, we also must make a note a regular credit score check is essential.
However, one should remember that the blueprint for credit score calculation is more or less the same for agencies. The difference in the score, however, appears due to various reasons like time taken into consideration, and the accuracy of the information.
Thus, the credit score might vary across credit agencies. However, a decent score is ensured by timely payments. If an individual sticks to deadlines for payments, his credit score will maintain its authenticity irrespective of the credit agency.
Read More : Why the credit score of a person across agencies may differ?
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