Think you’ve got a solid score? Lenders may have different numbers on you
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2012-10-27T00:00:00Z 2012-10-26T13:35:45Z Think you’ve got a solid score? Lenders may have different numbers on youBy Erik J. Martin CTW Features

Smart borrowers know to check their credit scores before applying for a home mortgage loan. But what if that score was unreliable? What if the scores that consumers can acquire from major credit bureaus or sites like were different than the ones used by lenders?

The results of a new study conducted by the Consumer Financial Protection Bureau and involving 200,000 credit files from the three primary credit bureaus (Experian, TransUnion and Equifax) suggest that this is true for many borrowers. About “one out of five consumers would likely receive a meaningfully different score than would a lender,” according to the study.

According to the CFPB, the formulas employed to produce credit scores not only differ from one company to the next, but disparities can occur within the same company. For example, FICO, the most oft-used score, has more than 49 diff…………… continues on

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Obama hails his added regulations as protecting your credit score
News from Investor’s Business Daily:

President Obama’s weekly remarks

Hi, everybody. It’s now been four years since a crisis that began on Wall Street spread to Main Street, hammering middle-class families and ultimately costing our economy 9 million jobs.

Since then, we’ve fought our way back. Our businesses have added more than 5 million new jobs. The unemployment rate has fallen to the lowest level since I took office. Home values are rising again.  And our assembly lines are humming once more.    

And to make sure America never goes through a crisis like that again, we passed tough new Wall Street reform to end taxpayer-funded bailouts for good. 

Wall Street reform also created the first-ever independent consumer watchdog, whose sole job is to look out for you.

That means making sure you’ve got all the information you need to make important financial decisions like buying a home or paying for college. And it means going after anyone who tries to take advantage of you, or rip you off.

Starting this month, that includes the folks who come up with your credit score.

If you haven’t checked out your credit score recently, you should. It can have a major impact on your life. It can determine whether or not you qualify for a loan or what kind of interest you have to pay.  It can even affect your chances at renting an…………… continues on Investor’s Business Daily

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