Multiple Equifax Scores

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Toby

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Multiple Equifax Scores
« on: October 08, 2016, 01:11:47 AM »
Mogo.ca and Borrowell.com both offer free Equifax scores (just the score, no details)

Has anybody else compared their score from Mogo/Borrowell to the score from Equifax Credit Monitoring? 

My scores are
- Mogo/Borrowell : 669
- Equifax Credit Monitoring : 586
- Difference: 83 points

 Also, when I applied for a car loan in August, the dealership told me my Equifax score was 660. 

Does anyone else have such a big discrepancy?  I'm wondering if it's somehow related to having a fully paid consumer proposal on record?  I also have a mortgage in excellent standing which may be a factor.  Equifax has more than one scoring model.  Some of the scoring models take cell phones and/or mortgages into account.

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cityfarmgirl88

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Re: Multiple Equifax Scores
« Reply #1 on: October 08, 2016, 10:38:49 AM »
I have mojo. But I'll check out borrowell to compare

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New Beginning

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Re: Multiple Equifax Scores
« Reply #2 on: July 20, 2017, 03:13:31 AM »
I don't have my credit scores directly from EQ and TU, but this post I made in another section kind of relates to your topic:

"Well, this is crazy! So, as I mentioned, my Equifax score is 541 (as per Borrowell, didn't mention that). Then, tonight, I signed up with Credit Karma to check my Transunion score. Guess what it was? 827! Really! I also phoned Transunion earlier in the day to see if my info was accurate and the guy gave me a complete rundown of my credit report. Then I compared it to the report that Credit Karma provided and there were discrepancies. It got me to thinking these free credit score providers are nothing more than a load of crap for there to be such a huge gap. I guess I'll have to spend a few bucks to see what my credit scores with TU and EQ really are."

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pinababe

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Re: Multiple Equifax Scores
« Reply #3 on: July 24, 2017, 03:15:29 PM »
This copied from Mogo detailing why there is sometimes a discrepancy. 


My credit score from Mogo is different from the report on Equifax's website. What gives?
Equifax is the bureau most widely used by lenders and has multiple scores available for clients to choose from. Both scores are unique to Equifax and powered by Equifax’s comprehensive calculations. We rely on ERS 2.0 from Equifax, a leading score used by a variety of lenders in various industries. The Equifax credit score you get directly from Equifax is ERS 1.0, which uses a slightly different model for weighing different factors in your credit history and is primarily intended for educational uses.

As is common with different score versions in the industry, these two scores use slightly different data and calculations to determine an individual’s score. One score isn’t more “correct” than the other! There are lots of scores out there and each lender will use the score that aligns with its internal lending practices. There is not just one accurate score per individual; there are many, depending on which lender is calculating it and for what purpose. It’s important to note that other information in addition to a credit score will be used by lenders when evaluating your creditworthiness.

 

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