True or False: Credit reporting agencies may produce credit scores that give results on different numerical scales.

Credit reporting agencies indeed may produce credit scores that yield results on different numerical scales. This is because various scoring models can use different algorithms and weight various factors differently when calculating credit scores. For example, the FICO score commonly ranges from 300 to 850, whereas other models, like the VantageScore, may have similar scales but can also use different scoring ranges or factors, depending on the version and the agency. This variability means consumers might receive differing scores depending on which model and agency are providing the score, underscoring the importance of understanding that multiple credit scores can exist for the same individual based on different metrics used by credit reporting agencies.