Getting your "real" credit score online

By
Real Estate Mortgage Broker 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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Topic:
Lending / Financial
Tags:
credit score
fico score

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Rainer
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Brandon Snider
Consumer First Mortgage

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
Rainer
48,817
Clark Hitchcock
Realtor - Fraser Valley
Re/Max Nyda Realty Inc

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
Rainer
131,955
Bryan Watkins
LRA Real Estate Group

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

 

April 11, 2010 08:50 AM
Rainer
64,090
Greg Freeman
The Michael Group

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

October 25, 2010 12:19 AM
Rainer
157,444
Dave Sullivan
The Real Story on Your Credit Score - TheCreditGuy
www.TheCreditGuy.TV

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
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Brandon Snider

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Additional Information

Brandon Snider - The Mortgage Expert - Consumer First Mortgage

Consumer First Mortgage is a BBB Accredited Business. Click for the BBB Business Review of this Mortgage Bankers in Arab AL