1 Person, 2 Credit Scores

Yes, it is possible for a person to have more than one credit score.  It’s a glitch, but it can happen.

We’re not privy to the algorithms of the credit reporting companies, so we can’t explain why a person can have more than one credit score.  However, a single person can in fact have two scores within the same reporting company.

Often, the variation between these two credit scores is massive.

One may show some, or even no reporting while the other may be deep and show perfect credit.  And in the mortgage world, this can be a deal breaker.  But to be clear, this isn’t a case of fraud – it’s just a bug in the system.

But how do you know if someone has more than one credit score with the same reporting company?  Well, simply put, you can’t know.

But be you can definitely be on the lookout for red flags.  For example, if your borrower is in a business where it would be likely they would use credit and their credit report shows almost no history…it may be wise to dig a little deeper.

What can you do if you suspect something isn’t right?

Look back at the information that you input into the search.  If you searched only by a date of birth, you may find a different result than if you search by the borrower’s Social Insurance Number.  Try different parameters to potentially yield different results.

It should also be mentioned, that it would be helpful for your client to report this to the credit agency to have the records corrected.

So, if something just doesn’t seem right with your client’s credit report, dig a bit deeper.  You may be surprised what you find.  Best of all, your client could be much better off from your efforts.