YOUR CREDIT RATING AT EACH AGENCY SHOULD BE THE SAME
Your credit score from an agency is only really meaningful if you know the range of numbers that the agency actually uses.
However because a credit rating is a relative and broader term covering a section of credit scores, your credit rating from each agency should be the same or similar.
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Your credit scores at each of the agencies will be different, but your credit ratings should be the same.
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This of course assumes that each agency correctly holds the same information about. If your credit rating varies then your credit reports may not be accurate.
Therefore to summarise, you should remember that each agency will use their own independent formula to calculate your credit score and that their score ranges are different.
Note that if your credit reports are different you may get different results when you apply to lenders as each lender will do you credit check at a different credit agency.
YOUR CREDIT RATING AT THE AGENCIES IS A GOOD OVERALL INDICATOR
You also need to know that any lender may use their own independent formula when calculating your credit score, which will result in a different credit score than if you got it from a credit agency.
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The credit rating that an agency provides will be a fairly good estimate of what a lender might calculate for you and this rating will be sufficiently indicative, for you to tell if it is good, bad or borderline.
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Your credit score is so important whenever you want to make an application for a major financial commitment such as a new home loan or mortgage that you should always know what your credit score and credit rating are before applying.
Having the best credit rating is obviously essential if you want to ensure that a financial lending company will be prepared to lend you money or provide credit facilities. A bad credit rating would almost definitely give you problems.
Your credit rating, although just an estimate, has been proven as a fairly accurate way of determining how much of a credit risk you could be to a lending company and it is therefore a good predictor of the likelihood that you could fail to make repayments on any loan or credit card in the future.
The better the credit rating that you have then the lower the risk that you are likely to get into financial problems.
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A better credit rating will mean that you would probably be approved for larger loan amounts and at a better interest rate than someone with a lower rating.
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When your credit rating is good at all the agencies then when a lender uses any agency you can be assured that they will give you a good credit rating as well.
Check you credit rating now and see if it is going to be easy for you to get credit or a loan.
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