Home Buddies – Houston Credit Repair Coach for Investors and Homeowners

The Third Bureau Secret – Your True and Accurate FICO Score

About 90% of the lenders all over the world use credit scores from one organization. That company is Fair Isaac Corporation or better known as FICO.

It’s a good idea for you to get your credit scores from the FICO website, because your FICO scores are the ones that most lenders will use to base their acceptance of your credit application. You need to get a true picture of what is going on with your credit scores and what is causing your credit score to be as it is.

Always be careful of the scam sites, anything with conflicting information, and the credit bureaus offering their own version of the credit score. There are many different credit scoring systems. There are numerous websites that offer your report, be sure that they also offer your true FICO scores for all three credit bureaus. At myFICO.com, you can purchase just one score or all three scores. This might end up being more than you want to pay, but it is the “truest” way of figuring out your true, accurate credit score.

The major bureaus also have their own version of credit scores. Let’s look at those now.

Experian and their affiliates (FreeCreditReport.com) may sometimes use a PLUS score or the FICO version 2 scoring system.

Equifax actually uses FICO scores most of the time or the BEACON. If you order a credit report through Equifax, like their 3-in-1 report, you’re less likely to notice large variations elsewhere because they use the FICO score.

TransUnion usually uses the FICO classic scoring system. There seem to be a few variations and some are closer to FICO scores than others.

AnnualCreditReport.com gives you a VantageScore which is different from the PLUS and the FICO score. The PLUS score is pretty similar to your FICO score. The VantageScore can be around 100 points off. The reason for this is because of the ranges and the formulas used to find your place in that range. VantageScores go from 501 to 990 where a FICO or PLUS score goes from 300 to 850.

And so there it is. Now you know some of the credit bureau secrets about your credit scores. You should always try to continue to keep yourself educated about your credit score and about the credit system.

Good luck.
Barbara Partaka
Home Buddies