Know Your True Credit Scores

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I recently saw a news report on a lady who raised her credit score over 100 points in less than 3 months. I wanted to address what the news was telling people to do - as they usually get things WRONG and mislead us all into doing what we shouldn't do.

This news station actually got things right for once!!! They had a Top 10 list and so I will address each item in a different post. The first will be...

Know Your True Credit Scores and Reason Codes.

There are really only two ways to know what your actual credit scores are. The first, is to have a lender pull your credit which will show up as an inquiry on your credit report. And the second, is to go to myfico.com and pay to get your credit scores.

Keep in mind that the scores from myfico.com and the ones pulled from a lender will not be the same, but should be pretty close. Consumer credit scores pulled online are considered educational and are different from those used by lenders.

The reason codes provide valuable information by which you can identify problems affecting your credit score. They are the road map to improving your credit.

Mortgage lenders are required to give you a copy of your credit scores and usually the reason codes that go with them. Myfico.com only provides generic explanations of problems impacting your credit scores.