Lenders use your credit score to decide whether or not to extend you credit and at what terms. Those scores are calculated based on information from your credit report — including your payment history, balances and how much of your available credit you're using.
When checking your credit score, there are two key questions to consider: Is your credit report accurate and are you looking at the same score as your prospective lender?
Here's what you need to know about checking your credit report — and why your score might look different depending on what you're using it for.
What we'll cover
- Is your credit report accurate?
- Are you looking at the same score as the lender?
- How to check your FICO score
- How to check your VantageScore
- Bottom line
Is your credit report accurate?
Mistakes on your credit report, like an incorrect late payment or unauthorized account, can lead to errors in calculating your credit score.
It's important to regularly monitor your credit reports from all three major credit bureaus — Experian, Equifax and TransUnion.
You can get a free weekly credit report from all three bureaus through annualcreditreport.com.
Are you looking at the same score as your lender?
Because lenders may work with different credit reporting agencies and use different scoring models, they may be looking at a different credit score than you.
The two main credit scoring models are FICO® score and VantageScore®. Scores from both models typically range from 300 to 850 and are determined using your payment history, amounts owed, length of credit history, frequency of credit application and credit mix.
There are multiple versions of your FICO and VantageScore scores, each calculated by weighing factors differently: VantageScore 4.0 puts more weight on new credit than VantageScore 3.0 and less on account balances.
FICO Scores 3 and 9 are used by credit card companies, while mortgage lenders tend to useFICO Scores 2, 4 and 5.
"There are hundreds of different credit scores," Rod Griffin, senior director of public education and advocacy for Experian, told CNBC Select.
Lenders are not required to let potential borrowers know what credit scores they'll be evaluating, Griffin said. Before applying for a line of credit, it's worth asking a prospective lender if they'll tell you which credit score they'll check.
Regardless, it's smart to check both your FICO and VantageScore to get a good idea of where you stand overall.
How to check your FICO score
FICO scores are the most widely used scoring models, used by 90% of lenders in the U.S. Most credit card issuers make scores regularly available to customers. If you sign up for *Experian Boost™, you'll get regular updates on your Experian score and be able to link utility bills to your Experian credit report.
Experian Boost™
On Experian's secure site
Cost
Free
Average credit score increase
13 points, though results vary
Credit report affected
Experian®
Credit scoring model used
FICO® Score
Results will vary. See website for details.
How to sign up for Experian Boost:
- Connect the bank account(s) you use to pay your bills
- Choose and verify the positive payment data you want added to your Experian credit file
- Receive an updatedFICO® Score
Learn more about eligible payments and how Experian Boost works.
How to check your VantageScore
Another credit model, VantageScore, is used by some credit card issuers and fintech lenders.
You can get regular updates on your VantageScore credit score with CreditWise® from Capital Oneand Chase Credit Journey.
CreditWise® from Capital One
Information about CreditWise has been collected independently by Select and has not been reviewed or provided by Capital One prior to publication.
Cost
Free
Credit bureaus monitored
TransUnion and Experian
Credit scoring model used
VantageScore
Dark web scan
Yes
Identity insurance
No
Terms apply.
Chase Credit Journey
Cost
Free
Credit bureaus monitored
Experian
Credit scoring model used
VantageScore
Dark web scan
Yes
Identity theft insurance
Yes, up to $1 million
Terms apply.
eCredable Lift® is a paid service that sends users their VantageScore 3.0 and FICO Score 9 credit scores every month. In addition, information about on-time utility payments is sent to TransUnion, one of thethree major credit-reporting agencies, which can help you build credit.
For $9.95 a month, you can link up to eight accounts and report up to 24 months of payment data.
eCredable
On Ecredable's secure site
Cost
$9.95 per month for eCredableLift®
$14.95 per month for eCredableLiftLocker™Credit report affected
Transunion®
Credit scoring model used
FICO® Score 8 (or newer) or VantageScore® 3 (or newer)
Results vary. See website for details.
How to sign up for eCredable:
- Link your eligible utility company accounts to eCredable
- Receive an updatedVantageScore® and/or FICO® Score
Learn more about eligible payments and how eCredable works.
Bottom line
Keep an eye on all three credit reports for errors that could be affecting your credit score. Regularly check both your FICO score and your VantageScore and, before applying for a line of credit, ask the lender which scoring model and version it uses.
Meet our experts
At CNBC Select, we work with experts who have specialized knowledge and authority based on relevant training and/or experience. For this story, we interviewed Rod Griffin, senior director of public education and advocacy for Experian.
Why trust CNBC Select?
At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every personal finance article is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of financial products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.
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Read more
What's the best credit score to have?
What is a FICO score and why is it important
The beginner's guide to credit scores: How to understand and improve your credit score
6 ways to raise your credit score
*Results may vary. Some may not see improved scores or approval odds. Not all lenders use Experian credit files, and not all lenders use scores impacted by Experian Boost.
Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.
