Why Can Your Credit Report Differ Across Bureaus?

You review your credit report and find something unusual; for example, one report contains an account or enquiry that does not match another report. This means that one of them must surely be wrong?

It does not have to be.

Reasons for Differences in Credit Reports

When you do a check credit report from different credit agencies can give you information that is not identical. The reason for this is that information about the borrower is reported to the agency by the credit institution, and there may be differences in reporting times, updates, information available to the credit agency, and how it is presented.

This is why your annual credit report should not be seen as a routine thing. Periodic checking of your information can alert you to any changes that may affect your loan or credit card application.

We at PrimeScore suggest that a credit score report can also contain more than just the score. Depending on the bureau and report, you may see account details, payment history, enquiries, personal information and other credit-related information.

Is a Free Credit Report Sufficient?

A free credit report may be helpful in keeping tabs on one's credit record. However, the crucial thing here is being aware of how to check credit report.

It should not just be the numerical value that one looks at. What one needs to know is if the account details are theirs, if the payment status is correct, and if closed accounts have been updated.

The same holds true for business owners who are applying for loans. Their company credit report may have data pertinent to their borrowing record.

How do Differences Occur in Data Between Different Bureaus?

When you have different bureaus with different reports, say an Experian credit report with a CRIF report, you would find discrepancies between the two reports.

However, when you have a CRIF credit report that differs from another bureau's report, you need to ask yourself, "Which report carries the correct data?" Remember that your credit report should reflect the true state of your credit history.

If you find discrepancies, then you should look into those discrepancies without necessarily accepting that it is an accepted occurrence. In a way, the credit report is actually an analysis of your credit history.