Don't make the mistake of thinking that you only have one credit report.

Don’t make the mistake of thinking that you only have one credit report.

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Most people speak of having a “credit score” when most people have at least three or more scores - and these scores can vary widely.? Three major credit bureaus in the country develop credit reports and calculate credit scores.? There are also several smaller credit bureau companies.??

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The three major credit bureaus in the USA are Equifax, Experian, and TransUnion12. They are businesses that collect and sell information about consumers’ credit behavior, such as payment history, credit accounts, and credit inquiries134.

The credit bureaus use the information they gather to create credit reports, which are then used to calculate credit scores. Credit scores are numerical representations of how likely a consumer is to repay debt134.

There are different types of credit scores, but the most widely used one is the FICO score, which ranges from 300 to 850. The FICO score is based on five factors: payment history, amounts owed, length of credit history, credit mix, and new credit34.

All three credit bureaus offer FICO scores, but they may use different versions or models of the FICO score, which can result in slightly different scores for the same consumer34. Some lenders may use other types of credit scores, such as VantageScore, which is a competitor of FICO and also ranges from 300 to 85024.

You have the right to see your credit reports from each of the three credit bureaus for free once every 12 months at AnnualCreditReport.com. You can also dispute any errors or outdated information on your credit reports with the credit bureaus134.

Plus, some larger lenders calculate their credit risk scores based on information in your credit report.? When repairing your credit score, you should not focus on one number - at the very least, you need to contact the three major credit bureaus and work on repairing the three credit scores separately.

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