Is Koho credit score accurate?

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KOHO credit scores are quite accurate as they’re based on Equifax data, a major credit bureau in Canada. However, scores can differ from TransUnion due to different calculation methods. Outdated Equifax info might skew your score, and updating it could take 4 to 6 weeks. It’s a helpful tool for understanding your credit health. Reach out via phone, text, or live chat if you have any questions.

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Koho Credit Score Question

Is Koho credit score accurate? I want to know if Koho’s credit score is reliable or if I should be checking elsewhere for a more accurate report.

From: Anonymous Question
Location: Vancouver, British Columbia (BC)
Category: credit rebuilding

Koho Credit Score Answer

KOHO’s credit score is pretty spot-on since it pulls data from Equifax, one of the big players in Canada’s credit scene. But keep in mind, it might not match up with your TransUnion score because each bureau has its own secret sauce for crunching those numbers. So, while KOHO gives you a nice peek at your credit health through Equifax’s lens, don’t be surprised if things look a bit different from TransUnion’s angle. Plus, if Equifax has any outdated info on you, that could mess with your score. Just a heads up, getting that updated might take a wee bit of time—like 4 to 6 weeks! If you’re interested in understanding how your credit score impacts your financial options, you can discover more about credit rebuilding.

From: Insider Scott

Office of the Superintendent of Bankruptcy (OSB) Answer

To assess the reliability of Koho’s credit score, you may need to look for consumer reviews or consult credit reporting agencies directly, as the regulations pertaining to credit scores are not addressed in the documents you’ve referenced.

From: OSB Helper

Related Questions to Koho Credit Score Accuracy

Here are the top 5 most frequently asked questions related to the accuracy of KOHO credit scores, formatted in markdown:

1. Why is my KOHO credit score different from my Equifax or TransUnion score?

Your credit score can differ due to variations in credit scoring models and the data reported to each bureau[2][3].

2. When will KOHO appear on my credit report?

KOHO will appear on your credit report during the second week of the month following your registration[1].

3. How accurate is the credit score provided by KOHO?

The credit score provided by KOHO is accurate as it retrieves scores directly from Equifax, but discrepancies can occur due to differences in reporting and algorithms[2][3].

4. Why do I see different credit scores on KOHO and other credit score services?

Different credit scores can be seen due to the unique data and algorithms used by each credit bureau, such as Equifax and TransUnion[1][2].

5. Can KOHO improve my credit score, and how quickly?

KOHO can improve your credit score, with common upgrades of 20-100 points within 6-9 months, by reporting on-time payments to Equifax[3][4].

If you have a question about debt see our debt questions or ask your own debt related question.

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