Posted in Lifestyle
February 2, 2021 0 comments
Credit scores usually range from 300-850 points. If you’ve checked your credit score from different sources (credit bureaus like Equifax, TransUnion, etc.), you may have noticed that the scores are slightly different.
Credit scores are generated with information reported by lenders to credit bureaus. Your credit report is used by lenders like Peach State to determine the risk when making loans to our members. Scores are based on various factors including:
The credit bureaus weigh each of these factors differently and may receive different information from prior lenders. Plus, not all lenders report to all credit bureaus, which may result in different scores. The date that you access your score may also be why you’re seeing a different score if the bureau has outdated payment information. And, if there is an error on a credit report, this could lead to a different score from each bureau.
Looking to improve your credit score? Check out free resources from BALANCE Financial Fitness.
We also offer products to help rebuild or begin building credit. Call our Loans By Phone center at 770.580.6000 or visit a branch to speak with a Loan Specialist who can help!