Credit score reports
originally posted: 11/22/2006 reposted: 2/18/2011 This post has not been recently reviewed or revised by the author and may be out of date. If you notice an error or are in doubt, please send a new question by email or ask for an update. Email asktony@tonynovak.com.
Q: I purchased a Fair-Isaacson credit score report before applying for a mortgage but then the bank said that my score was 40 points lower than the report I purchased from the same credit agency in the same month! Which is correct?
A: You are not alone. Consumers across the county are reporting that the credit scores reported from various agencies and sold through various Web sites do not match the scores used by lenders. The usual explanations given do not seem to explain the differences. We have no other explanation but the services being sold to the public do not appear to be worthwhile. This is especially disturbing when considering the expanded use of credit scores outside of lending - now including employment, insurance pricing and eligibility for some business contracts. While the credit reporting agencies encourage consumers to contact them with questions and to report discrepancies, our observation is that few consumers are able to correct credit reporting problems on their own. This seems to be because this issue can be emotionally charged and few people can "detach" themselves in order to methodically stick to the credit report correction process that can take several months. OnlineAdviser offers personal help with this on request.
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