The Fair Credit Reporting Act grants consumers the right to a free copy of their credit report once a year from each of the three national credit reporting companies. VantageScore Solutions encourages consumers to review the information in their credit files on a regular basis.
Each of the three major credit reporting companies (CRCs) – Equifax, Experian, TransUnion – has a system in place for addressing errors contained in consumer credit files. Consumers should contact the CRC that provided the report in question.
The primary reason that consumers do not have one universal credit score is that there is more than one credit scoring model on the market being used by lenders and the three CRCs. Simply put, different models have different scoring criteria, which ultimately generate different results.
Also, the consumer credit data maintained at each of the three CRCs is not the same due, in part, to the fact that not all lenders report information to all three and if they do, information may not be reported at the same time to all three. Since credit scores are based on the consumer credit data in your credit file, a consumer’s score may vary from each CRC. The VantageScore model will minimize score variance because the underlying scoring model itself is consistent across the three CRCs.