Why is my credit score different depending on the website?

If you’ve been checking your credit score, you may have noticed that some websites have a different credit score listed for you. Generally, this could be because there are different systems used to calculate your credit score depending on the website.

There are many factors that come into play when calculating a credit score, such as your credit history, your repayment history, and any negative judgements or defaults that you may have. If the information is listed is different from one website to the next, you may find your credit score different too.

Read on below to find out more.

Why is my credit score different depending on the website?

Each credit reporting body in Australia has its own credit score system, which calculates your credit score from the information held in your credit report. Since calculations and algorithms are being used, you may notice a difference in your credit score if you visit more than one credit reporting body.

The credit reporting bodies may not receive all of the same of your credit information, as generally, most lenders aren’t required to report to all of the three bureaus.

It is also possible for your information to be correct with one credit reporting body, but incorrect with another. Sometimes, this is because lenders may submit information at different times.

Each reporting body may also use a different scaling system to work out where your credit score ranks. This difference in scales could lead to your scores appearing to be different, but actually indicating a similar representation of where your credit is at.

How is my credit score calculated?

Your credit score is usually based on the financial information that’s kept in your credit report. For example, your credit file may include:

The amount of money you’ve borrowed in the past
The number of credit applications you’ve made
Whether you make your repayments on time
Any defaults of judgements against you

Depending on the credit reporting agency, your score will be between zero and either 1,000 or 1,200.

Your credit score will relate to a five-point scale (excellent, very good, good, average and below average). This helps any lender you apply for credit to decide if you will be a risk to lend to or not. A higher score may mean that the lender will consider you less risky, which could mean that you get better loan terms. A lower score may affect your ability to get a loan or credit, depending on your lender and your financial history.

What if I find an error?

A credit report error can be any piece of information that appears on your credit report that is inaccurate.

Incorrect information on your credit file could have an effect on your credit score and may affect your ability to be approved for a loan in the future.

If your credit score is lower than you believe it should be, you might want to consider looking at if the loans and debits listed are yours, and if the listed amounts are correct. You might also want to check that the same loans and debts are not listed more than once, and that your payment history is correct.

If you see a serious credit infringement on your credit report that you were unaware of, it may be because you owe a debt but your lender has been unable to contact you. An infringement may also be listed under your name if you have had no contact with your lender about any overdue repayments, and your lender has been trying to contact you.

If you do find an error, you can ask your lender or the credit reporting body to investigate the information you think could be wrong. If they find the information to be incorrect, they can get the error removed or amended.

How we can help

Tiger Finance can help you to find out your credit score. Try our credit score calculator today to find out your numbers. If you’re looking for a loan, we can help to get you funded in four easy steps. You will have a free consultation with one of our specialists, and we will tailor-make you a loan. We will negotiate with lenders on your behalf before you are approved. Call to speak to one of our loan specialists today for your free consultation.