Other products

FAQ: Credit report and score for your linked account in LifeLock

There are a variety of organizations involved in helping to assess your likelihood of paying back money you've borrowed. To better understand credit, you need to begin by understanding the various organizations and processes involved in determining whether to offer you credit, and at what terms. Here are the terms to know:

What are lenders?

Lenders determine your creditworthiness in many ways, including by evaluating the information on your credit profile. They also regularly contribute information about your loans - the amount borrowed, whether you have made timely payments, and so on - to credit bureaus, including the three national credit bureaus: Equifax, Experian and TransUnion.

What are credit bureaus?

Credit bureaus collect information from lenders and other data sources, create a comprehensive credit report, and provide this data to potential lenders and others that might need to assess your creditworthiness, such as landlords.

What are credit reports?

Credit reports, also known as credit files, are composed of the data a credit bureau has gathered about you from lenders and other sources. Credit reports include records of mortgage payments, credit card balances and payments, auto loan payments and credit inquiries. It may also include public records.

What is a credit score?

A credit score is a three-digit number that results from a mathematical formula being applied to your credit report. Credit scores may differ from one source to the next because different lenders use different credit scoring models. And since a score is based on frequently updated credit files, it may vary over time. It is entirely healthy and routine for your credit scores to change slightly, but generally a good idea to keep track of your score so you can notice any dramatic changes.

The credit score is intended for your own educational use. It is also commercially available to third parties along with numerous other credit scores and models in the marketplace. Please keep in mind, third parties are likely to use a different score when evaluating your creditworthiness. Also, third parties will take into consideration items other than your credit score or information found in your credit file, such as your income.

What is a credit scoring model?

Credit scoring models are developed to provide a numerical interpretation of the information in your credit report that has been tested to be predictive. This gives lenders a statistical measurement of how likely you are to pay back a loan. Some people are surprised to learn that there is no universal credit score; instead there are many companies that apply many models - all based on your credit report data.

For US customers, NortonLifeLock uses the Vantage 3.0 credit score based on data from Equifax, Experian, and TransUnion, respectively. Any one bureau VantageScore mentioned is based on Equifax data only. Other companies are likely to use different types of scores to determine your creditworthiness. For Canada customers, LifeLock uses the CreditVision credit score that is based on TransUnion data. Third parties use may use many different types of credit scores to assess your creditworthiness. Your credit scores tend to change slightly over time, but we recommend you to keep track of your score so you can notice any dramatic shifts.

Many people confuse credit reports with credit scores, but the two are quite different. Understanding that difference can help you to figure out why you have a particular score.

The credit score is intended for your own educational use. It is also commercially available to third parties along with numerous other credit scores and models in the marketplace. Please keep in mind third parties are likely to use a different score when evaluating your creditworthiness. Also, third parties will take into consideration items other than your credit score or information found in your credit file, such as your income.

Is LifeLock a credit repair organization or credit monitoring service?

LifeLock is neither a credit repair business nor a credit monitoring service. We help proactively safeguard your credit and finances, and if you are a victim of identity theft, LifeLock helps protect you with our Million Dollar Protection™ Package^ including our Service Guarantee to provide for experts and lawyers, if needed - but we do not promise to repair your bad credit, because that is something we just cannot do.

Certain product plans include credit monitoring, but LifeLock is much more than just credit monitoring alone. With credit monitoring you are only notified of changes to your credit file, such as new loan applications, after they are reported to the credit bureaus. The LifeLock alert network includes a variety of product features and data sources and serves as a proactive link between consumers, lenders, and merchants. Although it is very extensive, our network does not cover all transactions at all businesses, so you might not receive a LifeLock alert in every single case.

Why are there differences between your scores from each bureau?

Because your scores are calculated using the information in your credit files, which may differ across the three bureaus, there may be differences between the scores each bureau provides. So, we recommend you to periodically review your reports and scores from all three agencies.

The credit score is intended for your own educational use. It is also commercially available to third parties along with numerous other credit scores and models in the marketplace. Please keep in mind third parties are likely to use a different score when evaluating your creditworthiness. Also, third parties will take into consideration items other than your credit score or information found in your credit file, such as your income.

Why is my LifeLock credit score different than what I've seen elsewhere?

Some people are surprised to learn that there is no universal credit score; instead there are many companies that apply many models - all based on your credit report data. Each takes a slightly different approach to calculating a score. For US customers, NortonLifeLock uses the Vantage 3.0 credit score based on your Equifax data. Other companies are likely to use different types of scores to determine your creditworthiness. For Canada customers, NortonLifeLock uses the CreditVision credit score that is based on TransUnion data. Third parties use may use many different types of credit scores to assess your creditworthiness.

The credit score is intended for your own educational use. It is also commercially available to third parties along with numerous other credit scores and models in the marketplace. Please keep in mind that third parties are likely to use a different score when evaluating your creditworthiness. Also, third parties will take into consideration items other than your credit score or information found in your credit file, such as your income.

§For NortonLifeLock offerings provided to you by a Service Provider or through channels outside the United States, the LifeLock identity theft protection services and coverage, plan feature names and functionality might differ from the services offered directly by NortonLifeLock. Please contact your Service Provider for details on their NortonLifeLock plan offerings.

The solution made it easy for me to handle my issue.

Yes No

Help us improve this solution.

Thank you for helping to improve this experience.

What would you like to do now?

Browse for solutions, search the Norton Community, or Contact Us.

DOCID: v126234534
Operating System: 
Last modified: 10/13/2020