Credit bureau score: All three credit bureaus sell credit scores to consumers, but in order to get a similar picture as lenders get, you would have to purchase your score from each of the three bureaus. Each bureau may offer to sell you scores from the other two, but know that Experian, for example, cannot sell you a real Equifax or TransUnion score because they are using their version of the FICO model to calculate it.
Online score: Hundreds of online companies offer credit scores to consumers, but while the data comes from the same three credit reporting agencies, it often applies general criteria not designed for any specific use and therefore isn’t a good source to determine how a certain type of lender may view you. These scores are often most affordable, but they can give an incomplete picture.
Lender scores: When you apply for any type of loan or credit, most lenders purchase scores from third-party vendors. When a lender requests your information, data is sent from the credit bureaus to the third-party vendor’s system which generates a score from each bureau. The scoring is based on whatever criteria the lender thinks is most important to their program. These scores are not available to consumers, but you can ask the lender to show you the score on which they are basing their lending decisions.
©2013 The Atlanta Journal-Constitution (Atlanta, Ga.)
Distributed by MCT Information Services
