What’s Your Credit Score? (And According to Whom?)
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.

Our firm has been handling personal injury cases throughout the California Low Desert and High Desert communities for over 30 years. With a 95% success rate, the California personal injury attorneys at Walter Clark Legal Group will fight to hold those responsible for your loss accountable and win compensation to cover medical bills, lost wages, and pain and suffering. If you have been injured and want to discuss your legal options, contact us today for a free consultation with an experienced personal injury lawyer. We have offices in Indio, Rancho Mirage, Victorville, and Yucca Valley and represent clients through the entire California Low Desert and High Desert communities.

DISCLAIMER: The Walter Clark Legal Group blog is intended for general information purposes only and is not intended as legal or medical advice. References to laws are based on general legal practices and vary by location. Information reported comes from secondary news sources. We do handle these types of cases, but whether or not the individuals and/or loved ones involved in these accidents choose to be represented by a law firm is a personal choice we respect. Should you find any of the information incorrect, we welcome you to contact us with corrections.

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