Many people starting our credit repair service choose to purchase their credit scores at the outset. Purchasing your scores when you start the credit report repair process is the most objective means of benchmarking your progress. As the months go by you will have a numeric way of monitoring your results. But what scores should you purchase? And, why are there so many scores?
Credit Score Clarity
Let’s start by pointing out that lenders only use one type of score, this score is called the FICO score. FICO is short for Fair Isaac Corp. Fair Isaac identifies itself as a decision management company specializing in predictive analytics. Without getting too technical, let’s just say that lenders universally have identified Fair Isaac’s scoring model as the most reliable measure of credit risk, and hence base their lending decisions on these scores. If you are monitoring your credit repair progress you should track the scores a lender will see when you apply for your next loan.
Other Non-FICO Scores
The three credit bureaus sell FICO scores to lenders, but they do not sell FICO scores to consumers. It’s about money. The credit bureaus decided they did not want to share the enormous consumer market with Fair Isaac. So they created imitation credit scores to sell to the general public. This bit of marketing mayhem has created one of the most widespread deceits in the history of the internet. Everyday thousands of people purchase these knock-off scores without understanding that these are not the same scores used by lenders.
The Cost of Non-FICO Scores
Millions of consumers have applied for loans armed with these credit bureau scores, only to discover that their real scores were significantly different; and almost always dramatically lower. I would be remiss if I did not mention that Equifax does sell a FICO score based on their own data. Most lenders check all three bureau’s FICO scores when underwriting loans, so a single FICO score is not a perfect measure of your lender readiness, or your credit repair progress. But still, a tip of the hat to Equifax.
The Right Scores for Credit Repair
If you are in our credit repair program and want to purchase your credit scores, either to benchmark your credit repair progress, or to determine your loan eligibility you should purchase your three FICO scores. You cannot purchase your three FICO scores from the bureaus, but you can get them directly from Fair Isaac at MyFICO.com. Please remember that if you need help, or have any questions about credit repair, just call us!