Credit Advice

A little education on credit scores....

Good question?

I have found myself oftentimes relaying this message to members here on several threads, so instead of typing in the same information over & over, I have decided to post here, in my own thread, information I have gained over the last 8 years of repairing my credit.

To clarify a couple things, I am not in the banking industry, nor do I work for Fair Isaac, the developer of the FICO scoring system. I'm just a normal working person, just like everyone else here. That being said:

There are a gazillion websites stating "get your credit SCORE here", or something to that effect. First, there are 3 scores. One each from EX (experian), EQ (equifax), and TU (trans union).

There are many different scoring models, such as the CK score, Vantage score, there's a Quizzle score, and so on & so on. Not ONE legitimate lender, whether it be for a home loan, car loan, school loan or credit card, uses any of these scores.

There are many different scoring models, such as the CK score, Vantage score, there's a Quizzle score, and so on & so on. Not ONE legitimate lender, whether it be for a home loan, car loan, school loan or credit card, uses any of these scores. They are known as FAKO's. Legitimate lenders use FICO scores.

If you go to third party sites to *monitor* your credit, (this site not being one of them), where you pay a monthly fee, you can pretty much rely on accurate content. Whether or not you agree with the information is a different story. You may feel that a creditor is reporting inaccurately, but that is not the fault of the site reporting it.

If you really want a concise & accurate snapshot of what is on your reports, you can get each of the 3, once every 12 mos, by LAW here: www.annualcreditreport.com You are redirected to each of the 3 reporting sites separately, while still being linked through annualcreditreport. Do NOT buy those scores either, because just as 3rd party sites have their own scoring models, so do the 3 reporting agencies.

The bottom line to your credit scores, you can purchase TU & EQ on myFICO.com Those will always be your true and accurate score that all legitimate lenders use.

I hope I have helped at least one person understand how this all works. I welcome any questions and comments, as my only purpose is to educate you all. What I have learned over the years has changed my FICO's from low 500's to mid 700's. It was a long road & I don't want to see anyone making the same mistakes I'd made so long ago.

Thank you...
BungalowMo

Asked by BungalowMo 1 year ago Flag this Question