There are several reasons why your credit score may differ between Borrowell and other sources:
- Different credit bureaus: Borrowell provides the Equifax Risk Score 2.0, while other sources may use TransUnion or different Equifax scores. Each bureau has its own scoring models and data.
- Timing of updates: Credit information is updated at different times across bureaus and services. Borrowell's score may reflect more recent data than other sources, or vice versa.
- Scoring models: Various scoring models exist (e.g. FICO, VantageScore) that weigh credit factors differently, resulting in score variations.
- Data reporting: Some lenders may report to one bureau but not others, or report at different intervals, causing discrepancies between bureaus.
- Score ranges: Different scoring models use different ranges (e.g. 300-850 vs 300-900), so scores may appear different even if representing similar creditworthiness.
- Intended use: Scores can be tailored for specific purposes like mortgages or credit cards, leading to variations.
Key points to remember:
- No single score is more "correct" - each is valid for its specific model and data set.
- It's normal to see some variation between sources.
- Focus on the overall trend of your scores rather than minor differences.
- Check your credit reports regularly to ensure accuracy across bureaus.
Monitoring scores from multiple sources can give you a more comprehensive view of your credit health. The Equifax Risk Score 2.0 provided by Borrowell is widely used by lenders for consumer credit decisions in Canada.