Changes in the Credit Scoring Arena
When people set out to fix the damage that has been done to their FICO scores, they tend to want to purchase them as they begin their quest as they can use them as a guide to measure where they started and how far they have come.
However, changes have been made recently and Experian (one of the 3 credit bureaus) will no longer let the Fair Isaac Corporation sell their FICO score.
Luckily, there are some ways to work around the change though and still get everything needed to fix your credit score.
Lenders use a credit score known as FICO, which stands for Fair Isaac Corp, the company who created the risk assessment model used to determine someone's score.
Fair Isaac sells the use of their system to the credit bureaus that then turn around and sells the FICO scores to credit lenders.
The credit bureaus do not sell FICO directly to the general public, however.
They instead have created educational scores and sell them without acknowledging that these scores are not the same thing they sell to lenders.
So in effect, what you buy and see is not the same thing that a credit lender would see if you tried to get a loan.
The worst part is these the two scores can be very different from each other, which angers those who get their score, think they are in good shape and then apply for a loan, only to be turned down, after discovering their true credit score.
Before you could purchase your FICO credit scores directly from Fair Isaac if you wanted them to track your progress as you set out to fix your credit.
However in early 2009 one of the major credit bureaus, Experian, stopped letting Fair Isaac sell their FICO to consumers.
Advocacy groups have voiced concern over the decision, but no changes have been made to overturn it, as you still can not purchase a FICO score from Experian.
Not to worry though as you can continue to purchase your FICO score from TransUnion and Equifax, both of which are the two other credit bureaus besides Experian.
More than likely, if you get both of those scores, chances are the Experian FICO score shouldn't be that far off from them.
If you are going to try getting a home soon, you may be able to contact a mortgage broker and ask that they run your credit.
You will get a copy and on this credit report will be listed all 3 of your legitimate FICO scores.
However, changes have been made recently and Experian (one of the 3 credit bureaus) will no longer let the Fair Isaac Corporation sell their FICO score.
Luckily, there are some ways to work around the change though and still get everything needed to fix your credit score.
Lenders use a credit score known as FICO, which stands for Fair Isaac Corp, the company who created the risk assessment model used to determine someone's score.
Fair Isaac sells the use of their system to the credit bureaus that then turn around and sells the FICO scores to credit lenders.
The credit bureaus do not sell FICO directly to the general public, however.
They instead have created educational scores and sell them without acknowledging that these scores are not the same thing they sell to lenders.
So in effect, what you buy and see is not the same thing that a credit lender would see if you tried to get a loan.
The worst part is these the two scores can be very different from each other, which angers those who get their score, think they are in good shape and then apply for a loan, only to be turned down, after discovering their true credit score.
Before you could purchase your FICO credit scores directly from Fair Isaac if you wanted them to track your progress as you set out to fix your credit.
However in early 2009 one of the major credit bureaus, Experian, stopped letting Fair Isaac sell their FICO to consumers.
Advocacy groups have voiced concern over the decision, but no changes have been made to overturn it, as you still can not purchase a FICO score from Experian.
Not to worry though as you can continue to purchase your FICO score from TransUnion and Equifax, both of which are the two other credit bureaus besides Experian.
More than likely, if you get both of those scores, chances are the Experian FICO score shouldn't be that far off from them.
If you are going to try getting a home soon, you may be able to contact a mortgage broker and ask that they run your credit.
You will get a copy and on this credit report will be listed all 3 of your legitimate FICO scores.
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