Revisions to your credit report occur when you dispute an entry with the credit reporting agencies and the agencies determine that the disputed notation is, in fact, invalid and remove it from your credit history. A common misconception surrounding revised credit records is that consumers receive a free credit score after the credit reporting agencies revise their records. Unfortunately, this isn't the case.
Credit Report Revisions
The Fair Credit Reporting Act, or FCRA, entitles you to a free updated copy of your credit report from the credit reporting agency that modified your records following a dispute. The information present on your credit report is the same information used when calculating your credit score. You aren't, however, entitled to a free credit score after correcting credit errors. Even if your score changes following a dispute, you must purchase your score to view the impact the change has on your credit rating.
Buying Credit Scores
You can purchase your VantageScore, or "consumer credit score," directly from each credit bureau; you can access your FICO score through the Fair Isaac Corporation at MyFICO.com. Because VantageScores and FICO scores are calculated using different formulas, your credit scores will differ depending on where you purchase them from. Certain third-party websites also sell credit scores calculated using a private formula.
Free Credit Scores
Although websites often advertise "free" credit scores, obtaining a legitimate FICO score or VantageScore by itself isn't free. If you don't purchase your credit scores by themselves, you can purchase access to them as part of a monthly credit-monitoring service. Credit monitoring allows you to view your credit report whenever you wish and gives you access to your credit scores as a bonus.
Certain credit monitoring services provide consumers with a free trial. If you opt for the free trial, you have access to your credit report and credit score free for a limited period of time. Unless you cancel your account during the trial period, however, the company charges your credit card a recurring monthly fee.
Consumer Considerations
Your financial information may differ depending on the credit report you review. Because your credit information determines your credit score, your credit score may also differ depending on the credit bureau that provides it.
Although certain lenders pull your credit score from only one credit bureau, others utilize your scores from all three bureaus when making a lending decision. Thus, if you want to review your scores before shopping around for a loan, purchasing your credit score from all three credit bureaus provides you with the most complete picture of your creditworthiness.
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