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Why is my credit score different on SingleKey?

You may have noticed that when you run your tenant report on SingleKey, the score turns out a bit different than what you’ve previously received. Don’t worry – this is totally normal, and we’re going to break it down for you.

The Real Reason Why Your Credit Score Is Different

When you run your report through Equifax, what you receive is something called the FICO Score, which is a model that’s mainly intended for your own educational use. The FICO Score is also used by large institutions to determine risk and is only one of many score models used by lenders.

The score you receive through SingleKey, on the other hand, is called the Equifax Risk Score, or ERS 2.0. Both the FICO and the ERS 2.0 are popular and legitimate scores powered by Equifax’s data, but because the two models factor in different information in their calculations, they will produce slightly different results.

Why Are There Different Credit Score Models?

Through Equinox alone, there are more than seven different proprietary score models. All of them are true reflections of your credit score and shouldn’t be compared in terms of “accuracy.” Each of these models weigh your data and information differently, which is why they result in different scores.

The varying score models are used by different institutions depending on their needs. In addition to scores mainly used to educate, there are also score models based on lending criteria. What your bank will look at when deciding your credit limit or issuing a new card, for instance, will not be based on the same score model as your mortgage lender. This is why SingleKey’s tenant report, in addition to weighing a tenant’s financial health through the ERS 2.0 credit score, also considers other factors specific to the rental process.

Stay Informed, Always

If you’re looking to compare your credit score across different platforms, always ensure that you are using the same scoring model. Additionally, because your scores are constantly being updated, make sure that you’re comparing these scores at the same time. As the credit bureau’s model receives live information, it’s likely that your credit score today won’t be the same tomorrow.

Now that you have a better understanding of SingleKey’s credit score model, you can get started on running your own tenant credit check – it only takes five minutes!

If you have more questions about your tenant report or understanding your credit score, don’t hesitate to get in touch with our team of experts to clear up any confusion.

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The SingleKey Rent Guarantee coverage is provided by Lloyds Lloyds Crest Lloyds, rated A+ by A.M. Best. Coverage is offered in the form of a surety performance bond. SingleKey is a participating member of Protected Cell Captive insurance company that is one hundred percent reinsured within the Lloyd’s Market rated A+ by A.M. Best.