Reasons Your Free Credit Scores and FICO Scores Are Different
One of the main concerns that come with websites like Credit Karma or Credit.com, is that the free credit scores being provided are not your actual FICO (Fair Isaac Credit Organization) scores. This may lead you to seek for the new car you wanted or deter you from taking a look at getting a new home.
What you should do is go to AnnualCreditReport.com, the official website of Experian, Equifax and TransUnion. There you can get one free credit report from each entity per year. Be prepared because you may find that the number you see is a complete surprise. Your credit scores may be better than you expected, or may be worse than the free credit scores provided. Nonetheless, you may be confused on why the scores you see do not match the free credit scores you have obtained.
Here are some of the three main factors of why your free credit scores and FICO scores are not the same:
The Free Credit Scores Your Being Provided Are Educational or “FAKO” Scores
Educational or “FAKO” scores are popular phrases associated with free credit score sites or any site that provides you with a score that is not a FICO score. Educational or “FAKO” scores are not an actual credit scores used by lenders. When a lender pulls your credit report, they are going to be looking at your FICO score and not an educational or “FAKO” score.
FICO Scores Are Not All The Same
Different lenders can also have different FICO scores. This occurs simply because each lender is using a FICO model to account the risk factors that will matter most to their company. So the score provided by a loan originator from FICO, will differ from an auto dealership FICO score.
Your Scores Will Be Calculated at Different Times
Your credit scores are not sitting in a government computer database waiting for someone to request them. All credit scores and credit reports are compiled when they are requested. That means if a lender pulls your credit score on the 1st of the month and another lender pulls your credit on the 15th, the scores may differ. The scores can be different because of the information that was or was not available in the time frame the credit report was requested.
How Do You Get An Accurate FICO Credit Score and Credit Report?
Call Better Qualified today 888-533-8138, one of our Credit Analyst can help you get a FICO credit report. We offer a free in-depth analysis of your credit to help you understand where your scores are currently and ways you can improve your credit scores. You can also visit AnnualCreditReport.com, the official website of Experian, Equifax and TransUnion. Annual Credit Report will provide you with one free FICO credit report per year.
If you still need help with controlling your debt and/or improving your credit, fill out the form below and get a free credit consultation from a credit expert at Better Qualified.