Purchase FICO Not Consumer Reports
As mentioned in the last chapter, do not be fooled by consumer reports that are often mistaken for credit scores. Always ask for FICO scores. If you want to have an accurate picture of your situation as it is in the here and now, don’t be led astray by a credit summary of any kind.
FICO scores are the modules created by Fair Isaac through which data is run for assessment purposes. These models are converted to software and then employed by each of the three national credit-reporting agencies in the form of a database. FICO scores are available to any lender or consumer who purchases a credit report …or so you would think.
Some credit bursa such as TransUnion and Experian aggressively market their own proprietary consumer credit scores. These scores are meaningless because lenders don’t use them. To avoid being led down the garden path in this manner ask specifically for FICO scores and not a consumer credit report. FICO Scores are called Beacon at Equifax, The Fair Isaac Risk Model at Experian and the Emprica at Transamerica.
Make sure that you are purchasing your FICO scores or you won’t be seeing the same things that your lenders or inquirers do. Instead you will be looking at a report that is designed to lure you into buying additional credit related reports, counseling and products.
You don’t want more credit (unless you have a slim history.) You want to know how to better maintain the credit that you have.