Is your credit score accurate? Here's how to check

Lenders use your credit score to decide whether or not to extend you credit and at what terms. Those scores are calculated based on information from your credit report — including your payment history, balances and how much of your available credit you're using.

When checking your credit score, there are two key questions to consider: Is your credit report accurate and are you looking at the same score as your prospective lender?

Here's what you need to know about checking your credit report — and why your score might look different depending on what you're using it for.

Mistakes on your credit report, like an incorrect late payment or unauthorized account, can lead to errors in calculating your credit score.

It's important to regularly monitor your credit reports from all three major credit bureaus — Experian, Equifax and TransUnion.

You can get a free weekly credit report from all three bureaus through annualcreditreport.com.

Because lenders may work with different credit reporting agencies and use different scoring models, they may be looking at a different credit score than you.

The two main credit scoring models are FICO® score and VantageScore^®. Scores from both models typically range from 300 to 850 and are determined using your payment history, amounts owed, length of credit history, frequency of credit application and credit mix.

There are multiple versions of your FICO and VantageScore scores, each calculated by weighing factors differently: VantageScore 4.0 puts more weight on new credit than VantageScore 3.0 and less on account balances.

FICO Scores 3 and 9 are used by credit card companies, while mortgage lenders tend to use FICO Scores 2, 4 and 5.

"There are hundreds of different credit scores," Rod Griffin, senior director of public education and advocacy for Experian, told CNBC Select.

Lenders are not required to let potential borrowers know what credit scores they'll be evaluating, Griffin said. Before applying for a line of credit, it's worth asking a prospective lender if they'll tell you which credit score they'll check.

Regardless, it's smart to check both your FICO and VantageScore to get a good idea of where you stand overall.

FICO scores are the most widely used scoring models, used by 90% of lenders in the U.S. Most credit card issuers make scores regularly available to customers. If you sign up for *Experian Boost®, you'll get regular updates on your FICO® score and be able to link utility bills to your Experian credit report.

Another credit model, VantageScore, is used by some credit card issuers and fintech lenders.

You can get regular updates on your VantageScore credit score with  CreditWise® from Capital One and Chase Credit Journey.

eCredable Lift® is a paid service that sends users their VantageScore 3.0 and FICO Score 9 credit scores every month. In addition, information about on-time utility payments is sent to TransUnion, one of the three major credit-reporting agencies, which can help you build credit.

For $9.95 a month, you can link up to eight accounts and report up to 24 months of payment data.

Keep an eye on all three credit reports for errors that could be affecting your credit score. Regularly check both your FICO score and your VantageScore and, before applying for a line of credit, ask the lender which scoring model and version it uses.

At CNBC Select, we work with experts who have specialized knowledge and authority based on relevant training and/or experience. For this story, we interviewed Rod Griffin, senior director of public education and advocacy for Experian.

At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every personal finance article is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of financial products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.

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*Results may vary. Some may not see improved scores or approval odds. Not all lenders use Experian credit files, and not all lenders use scores impacted by Experian Boost.