Your credit score is derived from the information about your debts contained in your credit report. As the information on your credit report changes, so too does your credit score. Lenders use both your credit history and your credit score as risk assessment tools when evaluating your applications for loans or credit lines. Not only do consumers have access to their own credit scores, they can obtain their credit score instantly online.
FICO Credit Scores
FICO credit scores are the ones most frequently utilized by lenders. Your FICO score falls somewhere between 300 and 850. The higher your FICO credit score, the better your standing with lenders and creditors. While the credit bureaus provide FICO scores to lenders, they do not provide them to consumers. You can, however, access your FICO scores from Equifax and TransUnion directly from the Fair Isaac Corp. that calculates them by visiting myFICO.com. Experian does not permit consumers access to its FICO score.
Credit Bureau Scores
Although the credit bureaus sell credit scores, they offer a credit score known as "Vantagescore." Vantagescore ranges from 501 to 990 and, while it uses the same information to arrive at a score, it calculates consumer credit ratings differently than the FICO scoring method. Unfortunately, Vantagescore's higher scoring range can lead to confusion. Consumers who purchase a Vantagescore believing that they are actually purchasing a FICO score often meet with disappointment upon discovering that the credit score their lender pulls is different than the one they purchased.
Credit Score Misconceptions
The Fair Credit Reporting Act gives all individuals the right to one free credit report each year from each of the three credit bureaus. Free annual credit reports, however, only contain a consumer's credit history -- not his credit score. There are no federal provisions in place that give individuals access to free credit scores.
Access to credit scores is available as part of the credit monitoring packages offered by the Fair Isaac Corp. and the credit bureaus. Credit monitoring services charge a monthly fee and, in return, you have access to your credit information -- and your score -- 24 hours a day.
Credit Score Estimates
You will need a credit card or debit card to purchase your credit score online. Some websites offer credit score estimators that will provide you with an estimate of your FICO score. The more you know about the information contained within your credit history, the more accurately a credit score estimator can determine your credit rating. Credit score estimators are free and are not intended to replace your actual credit score.
Went through a divorce and found out that my X trashed my credit. In December when I took back my financial life, I was ruined. I discovered my FICO score was at 533, all account was late, over limit, mostly charge offs. Debt was worth $60k. Immediately I put a plan of action on how to fix my credit, because I needed a car for myself. But with my current credit score then I won’t get approved due to the charge offs and debts coupled with low credit score which appeared in my credit report. Thanks to ROOTKITS CREDIT SPECIALIST who was there for me when I needed them the most. After when I spoke with my dad I explained my situation to him, he introduced me to rootkits credit specialist, immediately I contacted them via: rootkitscreditspecialist@gmail.com also texted on +1 760 474 3440. I got replied few minutes and I explained myself and they promised to get job done. Within 5days my credit score changed, charge offs were deleted from my report, all debt cleared and my credit score was raised to 815 across the 3 credit bureaus. My car loan has been approved, I’m super excited to jump into my 2019 Mazda CX-5 car.
ReplyDelete