My first practice test with minimal study was with GMATPrep and I scored a 690. My next two tests after 3 weeks of intensive study were with Veritas and I scored 560 and 570. Can anybody explain the reason behind these differences? Is there one test that is considered more accurate than another?
It's hard to say what accounts for the discrepancy between your performance on the Veritas tests and your performance on the GMATPrep test. One possibility is that sometimes when we learn new concepts, our scores dip because we end up attempting questions that we would previously have guessed on, and this throws a wrench into the rhythm of our timing. For this reason, a score decrease on early tests is quite common, irrespective of the source of these tests. Of course, there could easily be other variables at work here.
My advice: focus less on the scores and more on the process. Review every practice test thoroughly. Make notes on anything you can improve. If there were times when you could have used a strategy, such as picking numbers or back-solving, note that. If there were questions you should have guessed on, note that. If there are concepts that are a little fuzzy, do some drilling in those categories until you're feeling more confident in whatever areas might be lagging. Then take another test. The hope is that the Veritas tests are, for whatever reason, underestimating your ability. If, in time, you can pull those scores up to 700, your GMATPrep scores will be even higher.
Either way, keep us posted on your progress.