Tuesday, March 06, 2012
Consumer Reports slams credit industry behavior on inexact credit scores sold to consumers
Kathleen Pender has a valuable article in the March/April 2011 Consumer Reports, p. 29, “Credit Sore Outrage: why the ultimate numbers game is out of control”, link here (requires online paywall; the print version is easily found at CVS stores).
The article talks about a “Fake-O-Fico” score. The scores that credit reporting sites sell you are not guaranteed to be the same as what lenders see. The companies say the score you see is within 15-20 points.
There seems to be no way to know in advance exactly what lenders (or employers) will see.
Vantage and Fair Isaccs (FICO) scores have different schedules.
Also, be wary that credit reporting companies (especially Experian) will sell you scores based on your report with them, and it may not match exactly a combined score.