How many scores do I have?

Many consumers believe that there is only one credit score. This is not true. Every individual has three credit scores that are used by both lending and non-lending industries. These scores are generated from the data stored at the three credit bureaus: Equifax, Experian, and TransUnion.

Where it gets confusing is that there are hundreds of versions of these three credit scores generated from this data and sold to consumers and lenders by hundreds of different credit score vendors. Every credit score vendor uses the same data from each credit bureau, however, they all use different software to calculate those scores.

When it comes to applying for a loan, consumers have no idea of which scores will be used. This makes it crucial for consumers to consistently check and manage the data that is being reported about them to each individual credit bureau.

Mortgage lenders use the middle of the three scores, again, making it crucial to manage all three.