Can I Have More Than One Credit Score?

Sheela's Credit Card Talk

Yes, it is possible to have more than one credit score. Your credit score is a numerical representation of your creditworthiness, which is calculated based on information from your credit report. There are several credit scoring models used by different credit bureaus and lenders, so you may have different credit scores from different sources.

For example, you might have a FICO score from one credit bureau, and a VantageScore from another credit bureau. Additionally, some lenders may use their own proprietary credit scoring models to assess your creditworthiness, which could result in yet another score.

1. Multiple credit bureaus: There are four main credit bureaus in India: CIBIL, Equifax, Experian, and CRIF High Mark. Each bureau collects and reports slightly different information, which means that your credit report and credit score may vary depending on which bureau is used.
2. Different credit scoring models: Each credit bureau may use a different credit scoring model to calculate your credit score. For example, CIBIL uses the CIBIL Score, while Equifax uses the Equifax Credit Score. These models may weigh different factors differently, which could result in different credit scores.
3. Variations in credit report: Your credit report may vary across the different credit bureaus due to differences in the data they collect and how they report it. For example, one bureau may have information about a credit account that another bureau does not have. This could result in different credit scores being generated.
4. Lenders using different credit scores: Lenders may use different credit scores to assess your creditworthiness. For example, one lender may use the CIBIL Score, while another lender may use the Equifax Credit Score. This means that the credit score used by a lender may not be the same as the credit score you see when you check your own credit report.

It's important to note that while you may have multiple credit scores, they are all based on the same fundamental information in your credit report. This includes factors such as your payment history, credit utilization, length of credit history, and types of credit accounts you have open. However, because different scoring models may weigh these factors differently, your credit scores may vary.

For more information refer to: Can I Have More Than One Credit Score?