How to Check the Accuracy of Your FICO Score

A FICO Score is a numerical representation of an individual’s creditworthiness. This three-digit score helps lenders determine eligibility for loans, credit cards, and mortgages, influencing the terms and interest rates offered. Understanding your FICO Score’s accuracy is important for effective financial management, as it directly impacts your access to credit and borrowing costs.

Factors Affecting Your FICO Score

Your FICO Score is determined by analyzing information within your credit reports, categorized into five main areas, each contributing a different percentage to the overall score.

Payment history holds the largest influence, accounting for approximately 35% of your score. This evaluates whether past credit accounts have been paid on time, noting any late payments, bankruptcies, or collection accounts. Consistent on-time payments are highly beneficial.

Amounts owed, also known as credit utilization, makes up about 30% of your score. This factor considers your total debt relative to available credit limits. Keeping credit card balances low compared to limits indicates responsible credit management. A high utilization ratio suggests increased risk.

The length of your credit history accounts for approximately 15% of your FICO Score. This includes the age of your oldest account, newest account, and the average age of all accounts. A longer history of responsible credit use reflects greater financial stability.

New credit inquiries contribute about 10% to your score. This category considers recent applications for credit and newly opened accounts. Opening multiple new credit accounts in a short period can indicate higher risk and may temporarily lower your score.

Finally, your credit mix comprises roughly 10% of your FICO Score. This considers the diversity of your credit accounts, such as revolving credit (like credit cards) and installment loans (like mortgages or auto loans). Demonstrating the ability to manage different types of credit responsibly can positively impact your score.

Checking Your Credit Reports for Accuracy

To verify your FICO Score’s accuracy, review your credit reports, as the score is derived from this information. You are entitled to a free copy of your credit report once every 12 months from each of the three major nationwide credit bureaus: Experian, Equifax, and TransUnion. The official website for this is AnnualCreditReport.com. You can request all three reports at once or space them out throughout the year.

Once you obtain your reports, carefully examine each section for potential inaccuracies. Check your personal information, such as name, address, and Social Security number, for misspellings or incorrect details. Review all listed accounts, ensuring only yours are present. Look for discrepancies in account balances, credit limits, or payment statuses, such as accounts incorrectly reported as late or in collection.

Verify the status of accounts, ensuring closed accounts are not reported as open or that there are no duplicate entries. Examine public records for any incorrect bankruptcies, judgments, or tax liens. Check the inquiries section for any unauthorized hard inquiries, which occur when a lender reviews your credit for a new application.

Disputing Credit Report Errors

Upon identifying inaccuracies on your credit reports, initiate a dispute with the credit bureau or bureaus reporting the incorrect information. You can begin a dispute online, by mail, or by phone, with online submissions often being the fastest. Dispute directly with each credit bureau reporting the error.

When submitting a dispute, clearly identify each disputed item and explain why you believe the information is inaccurate. Include copies of supporting documentation, such as payment records, bank statements, or identity verification documents, but never send originals. Keep detailed records of all correspondence, including dates, times, and names of individuals you speak with. Consider sending mail disputes via certified mail with a return receipt requested.

Credit bureaus are required to investigate disputes within 30 to 45 days of receiving your request. During this period, they will contact the creditor or information provider to verify the disputed item. If the information is found inaccurate or cannot be verified, the credit bureau must remove or correct it. You will receive notification of the investigation’s results within five business days of its completion. If the dispute is not resolved to your satisfaction, you may also consider filing a complaint with the Consumer Financial Protection Bureau.

Understanding Score Variations

Differences are common in your FICO Score across various sources, even with consistent underlying credit report data. This stems from multiple FICO scoring models. Lenders use different versions, such as FICO Score 8, FICO Score 9, or newer models like FICO Score 10, and some utilize industry-specific scores. These models may weigh factors differently or incorporate newer analytical techniques.

Not all creditors report to all three major credit bureaus (Experian, Equifax, and TransUnion). Consequently, data held by each bureau might differ, leading to different scores. The timing of when your score is pulled also plays a role, as credit scores are dynamic and update frequently based on new information. A score pulled today might differ from one pulled a week later due to recent account activity or reporting.

Distinguish between FICO Scores and VantageScores. While both are credit scoring models, VantageScore was developed jointly by the three credit bureaus as an alternative to FICO. Lenders may use either model, and their calculation methodologies and emphasis on certain credit factors can vary significantly. For instance, FICO requires a longer credit history than VantageScore to generate a score. Understanding these distinctions clarifies why your score might not be identical across all platforms or lenders.