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The agency newly created by Congress to help us understand the complexities of financial products, The Consumer Financial Protection Bureau (CFPB), issued their report yesterday on why the credit score you purchase may be different from the credit score the bank uses.  The report can be found here and the CFPB press release announcing the report can be found here .
We have all known for years that these discrepancies exist, and now, for the first time, the reasons are explained to us.
The report is fairly lengthy, but is a good explanation of the differences between the credit report a bank or financial institution “pulls” on you and a credit report that you obtain yourself over the internet or by mail.
This knowledge can help you understand why a bank or financial institution may take adverse action on your loans or lending capacity, even when you think your credit score that you had obtained doesn’t warrant that adverse action.