How to Get Your Credit Scores

Credit repair should focus on cleaning up your reports and improving your credit scores. But not all credit scores matter. Lenders use a credit score called the FICO score, which is an acronym for Fair Isaac Corp, the creator of the popular scoring model. The FICO score, however, is not the only credit score available. In fact, the closer you look at the crazy world of credit scores the more convoluted it gets. Here is the information you need to make sense of it all.

Lenders Use FICO Scores

Lenders, almost without exception, use genuine FICO scores when they make lending decisions. Lenders purchase these scores from the credit bureaus. If you ever have the opportunity to examine a lender report you will notice that each bureau score has a unique name. This is because the credit bureaus rebrand the FICO scores. Equifax calls their score a BEACON score, TransUnion uses the name EMPIRICA, and Experian calls their score the EXPERIAN/Fair Isaac Risk Model.

Credit Bureaus Don’t Sell FICO Scores

Although the credit bureaus sell genuine FICO scores to lenders they do not sell them to consumers. Instead they have created their own scores which they sell through their websites. These bureau scores can vary dramatically from FICO scores, and this creates confusion for millions of consumers who purchase these bureau scores, apply for a loan, and are shocked to find that their FICO scores bear no resemblance to their expectations. Please note that Equifax is the exception; Equifax sells a FICO score at their website.

MyFICO, TransUnion, and Equifax

Until February 13, 2009 consumers could purchase their three FICO scores at MyFICO.com, the website of Fair Isaac Corp. Effective February 13, 2009 Experian no longer allows Fair Isaac to sell the Experian FICO score. Consumer advocates have called this a gross disservice to consumers and a transparent financial ploy to drive more business to the Experian non-FICO score. At the moment you can buy your TransUnion and your Equifax FICO scores at MyFICO.com, or you can purchase your Equifax FICO alone at the Equifax website.

Another Option

If you are starting our credit repair services and would like to have all of your FICO scores to set a benchmark for your progress, or just want to know what a lender will see if they run your credit there is still one more option you may consider. Virtually all mortgage lenders look at all three FICO scores. If you plan to apply for a home loan in the future, just call your friendly local mortgage broker and have them pre-qualify you. They should be happy to give you a copy of your credit report including your FICO scores. Good luck!

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