Getting your "real" credit score online

By
Mortgage and Lending with Consumer First Mortgage

What's your real credit scoreAs a mortgage lender, I don't know how many times I've had clients tell me what they thought was their credit score, only to find out differently when they applied with me.

"Why is that?" one might ask.  I too have asked the same question before, so I did some research and what I found out astounded me. 

Most of the websites you see advertised on TV or top your Google search results offer you a "free" credit report and your "free" credit scores if you sign up for their trial offer for monthly credit monitoring.

What they don't explain very well is that the credit score they give you isn't the same score the lenders get with we pull it.  This is because most lenders use the FICO© Score provided by Fair Isaac.  There are actually three credit reporting agencies (Equifax, Experian, and Trans Union) and each of them have a FICO© Score with different names. 

What has happened is that each of these agencies have also developed their own credit score models with names like PLUS score, and Vantage Score.  These have been developed so that they don't have to pay Fair Isaac for pulling each score.  These other types of scores good indicators of how your credit is, but is not your real FICO© score. 

When applying for any loan, especially a mortgage, knowing your true FICO© score is imperative.  MyFICO.com is a website that delivers some of the same great services these other sites offer such as credit monitoring, score tracking and identity theft protection.  More importantly, they can provide you with your true FICO© score.  It isn't a "free" score, but as the saying goes, you get what you pay for.

Click here or click on the link below to try it out and know what your true FICO© Score is and you can get a 30-day trial of their Score Watch service.

30-Day Free Trial

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Lending / Financial
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credit score
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Rainmaker
648,017
William James Walton Sr.
WEICHERT, REALTORS® - Briotti Group - Waterbury, CT
Greater Waterbury Real Estate

This is news to me, and definitely worthwhile passing along to my clients.

April 10, 2010 11:58 PM #1
Rainmaker
536,368
Lynda Eisenmann
Preferred Home Brokers - Brea, CA
Broker-Owner,CRS,CDPE,GRI,SRES, Brea,CA, Orange Co

Hi Brandon,

I found similar issues with the free sites. Eventually I found MyFico.com and paid for a report a few years ago. It had been 7 years (my last re-fi) since I had one and I and was contemplating buying another property in a year or so. As it turns out, the 3 scores were a little higher by the time I bought that property.

April 11, 2010 12:02 AM #2
Rainer
41,090
Brandon Snider
Consumer First Mortgage - Cullman, AL

Yes, this is a major "soap box' I can get on sometimes with my clients, but I figure it better to pass on to everyone I could and help get the word out.  This is definitely information worth getting out to your databases.  Thanks for the comments.

April 11, 2010 12:05 AM #3
Rainmaker
835,070
Tim Lorenz
TIM LORENZ - Elite Home Sales Team - Mission Viejo, CA
949 874-2247

Thanks Brandon.

Although I did now about the different scores from the credit agencies I did not know that there was a place "my FICO" now I know where to send people who want to keep up with their FICO.

April 11, 2010 12:26 AM #4
Rainmaker
826,272
Marc Swartz
Toronto, ON
CPA, CA - Toronto, Durham & York Regions, Ontario

Brandon - This is very useful information about credit agencies and FICO scores in the USA.

April 11, 2010 12:32 AM #5
Rainer
41,090
Brandon Snider
Consumer First Mortgage - Cullman, AL

Very welcome!  This website is a great resource for those wanting to do a little homework before getting pre-approved.  If someone walked into my office with a report from this website, I'd feel much more comfortable knowing what their score will be when I pull their credit.

Re-blog this to your subscribers.

April 11, 2010 12:37 AM #6
Rainer
48,917
Clark Hitchcock
Re/Max Nyda Realty Inc - Chilliwack, BC
Realtor - Fraser Valley

Thanks for sharing this, now i will have to talk with my mortgage broker here in Canada to see if there is the same sort of thing north of the border.

April 11, 2010 03:41 AM #7
Rainer
131,955
Bryan Watkins
LRA Real Estate Group - Mesa, AZ

people need this info. but they will forget it in a few days unless reminded. good post.

 

April 11, 2010 08:50 AM #8
Rainer
64,090
Greg Freeman
The Michael Group - Allen, TX

Great information, I will but using this and passing along to my clients. Thanks a lot

October 25, 2010 12:19 AM #9
Rainer
169,794
Dave Sullivan
www.TheCreditGuy.TV - Birmingham, MI
The Real Story on Your Credit Score - TheCreditGuy

There are a lot of things that surprise people about credit if you want some more information on credit scores check out this free website I found www.thecreditguy.tv

January 22, 2012 07:59 PM #10
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Rainer
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Brandon Snider

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