I’m beginning to wonder whether I have more than one credit rating. I use my nickname on a number of things, including my credit card. However, my utility bills, bank account, student loans, etc., are under my real name. Note that the only difference is in my first name–I’m not using a different last name here.
The other day in the mail, I got two mailings from the same credit card company: one addressed with my real name and offering me one credit limit, the other with my nickname and a different credit limit. Amusingly enough, the stickers inside for credit card designs were also different, with the “nickname” ones being a bit less conventional.
So, do I have different credit ratings? Is there a way to condense them into one rating?
I once got a credit card application for my dog so I seriously doubt that credit card companies have any kind of check before sending them out. A friend had entered my dog in a contest at dept store and used her name instead of mine. The 3 major companies that actually give you a credit score use your ssn as an identifier so it should be condensed already. Can’t think of the credit score companies names right now for some reason.
It is not illegal to use an alias, however it is illegal to use an alias to avoid consequences attached to another name. On most credit applications there is a place to list “other names used.” This is generally used for women to list a maiden name, but any aliases you use should be put here too. If things get too bad for one name, you could be found guilty of fraud.
You should amend all your credit to read John Smith a/k/a Jack Smith. Even if both names are attached to the same social security number, not doing this can still present a problem. IANAL, so speak to your accountant or attorney about the possible legal ramifications and seek ways to redress any inconsistencies.
The bureaus keep your credit information under your social security number. Any creditor who pulls a report on you will get just one report from each bureau.
But . . . when you use a nickname this can be confusing to the bureaus. It will get listed as a variation. They assume it is your stuff, but it gets listed differently, and your alias gets listed as a variation on your report.
Some people say that having multiple names on your report can lower your credit scores.
It is interesting that the offers had different limits. I’m not sure how to explain that, but read on.
You do have different scores. Three of them (and a bunch more for different purposes–insurance companies, car dealerships, and others all get different versions of the score, and some creditors use their own scoring models). Each bureau scores your credit based on the model they license from Fair Isaac. Their score is based on what is reported to them. Each bureau has a different picture of your credit. Therefore there can be significant variation between bureaus (I have seen as much as 100 points). It could be that only one bureau picked up your alias. If the same creditor’s software program saw your alias’s credit report from a separate bureau as a different “person,” then that explains the different offers.
Geeze Louise…no need to see lawyers…everything is a panic 'round here.
You got these credit approvals because a credit card company asked a credit reporting agency (CRA) to scan it’s d-base for consumers meeting certain ranges of criteria. It is likely that many thousands of files were pegged, and the names and addresses - aka header info - were provided to the CC company. You, of course, had two sets of header info that made the CC comp see you as two people.
You have more than one file at said CRA, likely because you presented yourself in different ways on different apps. Based on your info in you OP.
If you were to apply for credit straight up at a bank, car dealer, etc, it is extremely likely that the two files will be merged into one file, and one credit score will be issued. The CRA who is providing your report can merge your frag files together to make one legit report reflective of your credit. The CC company doesn’t always have this capability with just header info that was scanned for pre-screened offers.
Now I must leave you to everyone who will pontificate about the evil of all this, how they have x,y and z problems and other exceptions to every conceivable rule known to man.
Contact me directly if you need further assistance. No use guessing.
You can also have different credit scores depending on which of the 2 (I believe the US has 3) credit reporting agencies used.
In my experience Transunion credit scores are “higher” than Equifax. I would assume all that means is that Transunion either judges things differently or the score ranges are different. My friend, who used to be a credit agent at Toronto Dominon bank would only check Equifax reports while perhaps another company only uses Transunion.
But SIN/SSN numbers is the primary way we identify people’s credit hits. I sometimes see multiple matching entries for the same person with very different scores.
TransUnion (U uses it own scoring when you request it. Others are likely to be FICO.
Generally, yes, the TU model spits out a bit higher score (and a different tigher range. The max is lower and the min is higher in the range TU uses. )
You are assuming it’s the scoring algorithm that’s different. In fact, it’s more likely that the underlying data is different. Some creditors report to only 1 or 2 of the main credit bureaus.
Jpeg, TransUnion uses a proprietary scoring model that uses a different range, and usually displays a higher score. Sure, differences matter, but…
Theoretically, if you could get an identical consumer report from each CRA, TransUnion will show a higher score, becuase they use their own model and different range. I believe the others offer a FICO score on their consumer reports.
It’s almost impossible to do a straight up comparison, but if you tracked a trend over many thousands of consumer reports, the trend that would develop would shows TransUnion with higher scores on average.
Anyway, most lenders who buy reports from any of the CRAs opt to purchase the FICO score with it.
I specifically referred to consumer reports, not credit reports.
Lenders purchase credit reports. Consumers get consumer reports.
TransUnion does not offer the FICO score on consumer reports.
Right off the bat, comparing consumer reports between all three CRAs is hampered most significantly by the different scoring models. The different scoring models would result in different scores even if you managed to acquire identical consumer reports from different CRAs.
The Beacon credit score, Empirica,Experian/Fair, Isaac Risk Model…all are products/add-ons purchased by lenders buying credit reports, not consumers acquiring consumer reports.
For the sake of argument, if you were a lender and had access to identical credit data on a consumer from all three CRAs, and you purchased the same FICO score with the credit report you bought, you could theoretically get the same score.
A consumer acquiring a consumer report from all three CRAs would not be comparing apples to apples even if the data was somehow identical, because consumers get at least one different scoring model (from TransUnion).
In sum: Lenders could theoretically compare apples to apples, but a consumer doesn’t get his FICO score from TransUnion (not even under a different name. It’s TransUnion’s proprietary model used on consumer reports. It is not FICO, not even under a different name)
Thanks for the clarification. I was confused because you were responding to Jpeg who was responding to badmana. And badmana was not talking about consumer reports.
Here is a question for you, though:
As a consumer, why do I care what TU’s proprietary model says about my credit? As you have pointed out, Lenders purchase credit reports, which have FICO scores on them. If I buy a consumer report from TU, what value do I get from seeing a score that does not reflect what creditors will see? Especially when I can get all three FICO scores at myFICO.com and other websites like that?
And while we are at it, TU’s website is kinda misleading when it offers to sell “credit scores” but does not indicate that they are credit scores for sale to consumers, which differ from the scores sold to credit issuers, don’t you think?
If I paid $30 for a credit report plus a free “credit score” and later learned that it was not a credit score that anyone used, I would be pretty upset.
To save the SDMB servers, you don’t have to quote all my responses.
As to the business reasons you cannot get a consumer report through TransUnion (or via TrueCredit partner) with FICO score is not toally clear, although since FICO is their own company, maybe something didn’t get negotiated in. Maybe TU is trying to keep FICO from ruling the credit scoring world, creating a credit scoring monopoly. Sounds silly, but it’s a profit giant.
I’m speaking as an expert on TU, and I’ll add this stuff from the site (in case the link doesn’t get your right there)…but try the link and click on ‘credit score and analysis.’
The TransUnion TransRisk New Account Credit Score is provided to help you better understand how lenders view your credit report. It is not an endorsement or a determination of your qualification for a loan. Lenders use credit scores to help determine whether or not you are a good candidate for a loan and what interest rate you will pay. However, each lender has specific underwriting standards, so you should not assume that you will receive the same evaluation from each lender. As part of the underwriting process, they will incorporate additional information you provide and may obtain references. In addition, even if you are approved, the terms and conditions of loans vary from lender to lender. The information used to determine your credit score comes from TransUnion, one of the major credit bureaus. Credit reports are a compilation of credit information that is reported to the bureaus by the various lending institutions with which you have accounts. The information contained in your report reflects the latest information provided. If you recently made a payment, opened a new account, or authorized an inquiry, it may not yet be reflected in the credit report you receive. Likewise, it will not be reflected in your credit score. Also, disputed items are not incorporated in the assessment of your credit score. Your credit score will change each time new information is captured in your record. TrueLink is not connected in any way with Fair, Isaac and Company; the credit score provided here is not a so-called FICO score. The credit scores of TransUnion may not be identical in every respect to any consumer credit scores produced by any other company.
https://www.truecredit.com/products/single/order.jsp?cb=TransUnion&loc=1202&addBPA=true&addProfiler=true
There might be one caveat in all this that isn’t clear even to me, but I’ll research: If you buy one of the 3 in 1 packges with the scores, you might be able to get FICO scores on all three. These are available from a number of sources. When those sources crunch the data, they can run it all through FICO if they want.
However, going to CRAs one by one and acquiring your consumer report doesn’t get you FICO across the board.
I have to imagine that all three at least fall somewhere in the same range. For example when I applied for my mortage, I first looked up my Equifax score from Equifax. After talking to the mortgage broker, who’d pulled all three reports and scores, he told me (1) I was right about my Equifax score, but more importantly, (2) that all three scores were similar, and also that (3) the average of all three values would be my basis for qualifying (well, plus the other requirements).
[QUOTE=Balthisar]
I have to imagine that all three at least fall somewhere in the same range.
[QUOTE]
It really depends on what each CRA has in the report. A single 30-day late payment on a mortgage can drop your score 60 points or so (I saw an before and after example of this a few days ago). So if one CRA gets the late report and another doesn’t, you might see a 60 point variance right there.
Here are some examples from actual reports (In order the scores are from Experian, Equifax, and Transunion):
I guess I meant that their formulas produce more or less the same or similar results, given the same data. Your good example shows what happens when they don’t have the same data.
I imagine that my data’s always the same month after month.
Just curious – I wonder what a second mortage (I mean a first mortgage on a second house) will do to me? Still haven’t sold the first house.
