Do You Know Which of Your 49 FICO Credit Scores Your Lender Is Looking At?
News from Go Banking Rates:

If you’ve been relying on your FICO score to help you determine whether you qualify for a credit card or loan, you will be disappointed to learn that the score you’re offered by Fair Isaac may not be the one lenders use to determine your eligibility.

According to a recent study presented by the Consumer Financial Protection Bureau (CFPB), lenders may be examining anywhere from 49 FICO scores when deciding whether to grant you a loan, which means you may be completely off-target when you perform a credit score check.

Your FICO Score Isn’t as Accurate as You Think

After years of trying to figure out exactly what your FICO score means when acquiring a mortgage loan, credit card or auto loan, it can be disheartening to learn that the score you check regularly may mean very little when you actually visit a lender.

The CFPB study analyzed 200,000 credit files from the three major credit bureaus: TransUnion, Equifax and Experian. It found that one out of five consumers is likely to receive a FICO score that is “meaningfully” different from the score used by a lender to make a credit decision.

The reason for the discrepancy is that lenders have approximate…………… continues on Go Banking Rates

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Related News:

Things to do to improve my credit score
News from WPTV:

WEST PALM BEACH, Fla. – These tips are from Darish Still, President and Chief Executive Officer of Consumer Credit Management Services, Inc.

Three 3 tips can help you improve your credit score:

1.    If you are not current on your accounts, get current and stay current.  35% if the score considers your ability to pay your bills on time.

2.    Keep your account balances low.  If your balances are high, pay them down.  30% of the score looks at the amounts owed on your accounts.  The general rule is to keep your balances below 1/3 of the accounts available credit.

3.    Open new accounts only as needed.  15% if the score considers how long you have managed credit.  One of the numbers considered is the average length of credit history.  Opening new accounts decreases this average resulting in a lower score.

Monitor your credit report annually by visiting www.annualcreditreport.com . It’s a free service that gives you access to your report from all three major credit repositories. Studies show that 70% of credit reports contain errors which can affect the score.  By closely monitoring your report you can detect these errors or any fraudulent activity which can also lower scores.

Copy…………… continues on WPTV

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