What’s Your Credit Score? (And According to Whom?)
Photo: Credit Score by Nick Youngson CC BY-SA 3.0 Alpha Stock Images
You know most lenders use FICO credit scores—calculated by the San Jose firm Fair, Isaac and Company. But TransUnion and Equifax have been selling their “credit scores,” implying their scores are the standard. Why are they doing this? TransUnion and Equifax are then able to keep the fee—instead of FICO. These companies then use the promise of cheap credit scores to hook you into costly credit monitoring subscriptions. However, most subscriptions are totally unnecessary.
One pending suit against TransUnion by a car buyer claimed the TransUnion score he paid for was about 100 points higher than what could be used by the auto creditor.
Credit Reporting Agencies Sued for Deceptive Marketing
The Consumer Financial Protection Bureau has recently fined Equifax and TransUnion $23 million for their deceptive marketing.
And of course, there is the added issue of Equifax being hacked this year, compromising the personal information of 143 million Americans.
If you need a FICO score, get the real thing and beware of the swarmy sales pitches of the credit reporting bureaus, especially as the new administration dissolves consumer protection regulation.
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