Everyone has some source to track a credit score. It could be online, a bank or credit union or a credit card company. With over 70 different credit scores marketed to consumers, answering these five questions will help you if your credit score is worth tracking. For more information, you can also go to the podcast available on Spotify and also Youtube, The Drive to 850, Podcast 5: Why are Credit Scores so Different https://spotifyanchor-web.app.link/e/eN2qivmPkxb

A few days ago, I did a radio interview with a nationally syndicated radio program. A question was asked about the impact as VantageScore would no longer count medical collections in their credit score. The hosts thought this would be a big change. To the surprise of the hosts, I told them, “It doesn’t matter.” Why?

Many realtors and brokers tell their clients to get their “Free” credit scores at Credit Karma to know their credit qualifications. The problem is, what is provided to them from the Credit Karma Credit Scores is never reliable.

Jason pulled his FICO® score from Experian.com. It said 604. He showed that score to his real estate agent as he started looking for a house and she told Jason that he needed to improve his credit score before he could purchase a home. She referred him to a loan officer who helped consumers raise their FICO Scores. The loan officer then pulled his Experian FICO Score and it was 690. What!?!?!

Can You Check Your Lender’s Credit Scores for Free? In short, the answer is “No” – Why do you have to pay to get your same credit scores used by lenders? It is the difference between lender’s credit scores and credit scores marketed all over the internet. I’ll explain.

(Updated March 20, 2020) With the economy teetering from to the coronavirus, many consumers face declining income from lost hours and even losing their jobs. Some inquire about the possibility of skipping loan payments on their homes or auto from the loss of income. Is this a possibility – and will it impact your credit report / FICO® scores? Let’s take a closer look.

No. That's not how the lender's Classic FICO scores work.

“We are doing what?” was the surprised response from a vice-president of a major credit card company. She had just discovered that her employer was providing a "consumer" credit score to their clients, while using a different "lender’s" FICO® score to approve the same company's credit cards. This vice-president wasn't even in the know. These two scores are always different. This "consumer score" creates mass confusion for all consumers when lenders use an entirely different (FICO) credit score for their credit card approvals.

Credit Karma tells everyone to get their free Credit Karma "Vantage" credit scores. You think that is good. Actually, it is not. All mortgage lenders require Classic FICO® credit scores for their loan approvals, which also determine your interest rates and loan fees. Vantage Scores do not give the same precise scores mortgage lenders require from the Classic FICO Scores. That is where the problem with Credit Karma starts.

There are many credit score models available to consumers that provide different credit assessments (or numbers) based on the same credit information. How does that happen?