January 26, 2024
Whether you’re in a challenging financial place from income changes or high debt that has just become too much to bear...Read More >
Trying to determine your true credit score can sometimes be confusing, particularly when you are coming out of bankruptcy. We are inundated daily with advertisements online, television, and print from credit monitoring companies claiming they can offer you free credit scores.
This recent blog post from Cure My Score, “Why Are Credit Karma’s Scores Higher Than What My Bank Tells Me?” discusses the scoring models one particular service uses to tabulate your credit score. In this case, the company provides you with four different credit scores.
It’s critical you do some research on the sources of the credit scores. For instance, be sure the credit monitoring company uses FICO scores since most lenders use this to determine your credit risk and interest rate you will be charged. Vantage Score, developed by the big three credit reporting agencies, is another credit score some services use. However, there is a new version of Vantage Score so you have to ask if your credit score is based on the old version or new version.
As the author of this post points out, understanding the scoring system is the first step to improving your credit score. We’ve found that most credit monitoring or free credit score services don’t really offer you any useful service. For more reliable and trustworthy information about improving your credit score, give us a call or our partners at Equity Lending Group or Cure My Score. We can offer you real information actual lenders will use in making credit decisions.