ClearScore takes your credit report and financial information from Experian and illion, then uses that very information to generate its own score. While the credit scores can vary slightly depending on the credit reporting agency, the same rule follows for all scores – The higher the better.
Put simply, Experian will be the more accurate of the two, as it is Experian that lenders use to check your credit score when evaluating a credit application. But Clearscore provides a more intuitive dashboard for tracking trends in your credit score and checking out what factors impact your score.
ClearScore should be as accurate as Experian considering your ClearScore information is pulled from Experian. Thus, ClearScore is considered as accurate as any credit reference agency.
In addition to data differences, credit bureaus update their information at different intervals. For example, TransUnion may update its information every 30 days, whereas Experian may update information every 60 days. That time difference can lead to different scores.
Your Equifax score
ClearScore gets your credit score and report from Equifax. Depending on the date of your report, there could be slight differences in the score we have and the one Equifax has.
Lenders use Equifax or one of the other CRAs to make decisions about whether to lend you money - they don't use ClearScore. Equifax, like lenders, use your most up-to-date information.
Key Points. Clearscore score bands updated in November 2021 to align with the new 1000-point Equifax credit score system. New bands: Poor (0-438), Fair (439-530), Good (531-670), Very Good (671-810), Excellent (811-1000).
Those are TransUnion, Equifax and Experian. There isn't one “more accurate” report. The most accurate report in any individual case is the one that has the most complete information. Creditors don't have to report to any of the credit bureaus, and they certainly aren't required to report to all of them.
The primary credit scoring models are FICO® and VantageScore®, and both are equally accurate. Although both are accurate, most lenders are looking at your FICO score when you apply for a loan. There's a lot to learn about credit scores and credit reports and having more than one credit score can get confusing.
Your credit reports might show different information at different bureaus. Experian explains that some lenders provide information to all three major credit bureaus, and some give information to just one or two of them. That discrepancy in data can lead to differing credit scores.
Lenders can't see your ClearScore account, and your ClearScore report won't directly affect your credit worthiness. However, your ClearScore account shows Experian data, which lenders do look at.
Different credit scoring agencies calculate your credit score slightly differently. If your credit report shows scores out of 1,200 then as a rule of thumb a score above 853 is excellent while above 661 is good. If your credit report shows scores out of 1,000, above 690 is excellent and above 540 is good.
You can have unlimited soft searches on your credit report without it having any impact on your credit report or score. You can see these on your credit report for a period of 12 months. These are all types of soft searches: When you check your own report, e.g. through ClearScore.com.
FICO ® Scores are the most widely used credit scores—90% of top lenders use FICO ® Scores.
According to FICO, 90% of the top lenders use FICO credit scores.
FICO® Scores☉ are used by 90% of top lenders, but even so, there's no single credit score or scoring system that's most important. In a very real way, the score that matters most is the one used by the lender willing to offer you the best lending terms.
Credit scores from the three main bureaus (Experian, Equifax, and TransUnion) are considered accurate. The accuracy of the scores depends on the accuracy of the information provided to them by lenders and creditors. You can check your credit report to ensure the information is accurate.
Inaccuracies on credit reports are relatively rare, but they can occur from time to time. That's why it's wise to regularly check your credit reports with the three national consumer credit bureaus (Experian, TransUnion and Equifax).
Which is why Experian has a slight edge over Equifax, as it tends to track recent credit searches more thoroughly. For example, Experian includes the following information in a credit report: Personal information - any piece of information that can be used to identify you.
The highest credit score you can get with ClearScore is 1,000. If your score is between 811 and 1,000 you will be placed in the Excellent ClearScore band.
Your score falls within the range of scores, from 300 to 579, considered Very Poor. A 499 FICO® Score is significantly below the average credit score.
When does ClearScore update? ClearScore now updates its records once per week! It used to only update reports once per month, but made this change in 2021 after high demand. Previously, it would update each month on the same date that you signed up.
TransUnion CIBIL
Its members include all major banks, financial institutions, Housing Finance Companies (HFCs) and NBFCs. TransUnion CIBIL maintains one of the largest consumer credit information and generates CIBIL score that helps in measuring the creditworthiness of consumers.
Any information you choose to share is encrypted with the same level of security as online banking. You can stop sharing whenever you like – so you're in control when it comes to your data.
Capitec Bank In South Africa Selects Experian For Debt Management And Collections. Capitec Bank has selected Experian, the global information services company, to help it enhance its debt management and collections activities.