When Is A Credit Score Not a Credit Score?

When is a credit score not a credit score?

Many times our clients are anxious to tell us about their credit scores – which seem to be available everywhere. We encourage consumers to obtain their credit reports on a regular basis, if for no other reason to make sure everything on it is accurate (that is your legal right, by the way)and to make sure nobody else has established credit under your name and social security number.

There are many places to get your credit report for a low fee or no cost at all. Many times the reports are free, but the consumer is offered a credit score for a fee.

Here is a key distinction: ANYONE can offer a “score,” but do not rely on it.

The scores offered to the public and lenders can be very different. For example, FICO has copyrighted its scoring range of 300 to 850. There are plenty of folks who will sell you a score, but they may not be FICO. And even if it is, the actual score number may different because there are distinct “scorecards” in the FICO model depending on the reason the credit report is being pulled and maybe who is pulling it.

Does this mean you should not care about your report or score? Absolutely not! But focus on what is IN the actual report, not the score.

And take the time to educate yourself on what the consumer credit reporting & scoring system means to you – or find a reputable professional to explain it to you.

We’re ready to help you through this process! Call us, email us, or set up a time to meet with us.