People who are halfway conscious about their personal finances know that their credit score is important. A good score allows buyers to purchase on credit at lower interest rates when financing things like furniture and cars. Without a good score, you probably won’t be buying a new house or investment property.
We’ve also all seen the advertisements to see what your credit score is FREE. Or so we think. Actually we are offered a copy of our credit report free. But if you want your credit score, you’ll probably be paying. But if you do actually get a free credit score, how accurate is it? Miranda Marquit of The Coupon Shoebox has some thoughts about it,
The next thing you have to worry about is whether or not the credit score you receive is an “official” FICO score. The FICO score is still the most widespread score used, and the one most likely used by lenders making decisions about your loan.
However, most free sites don’t offer you a true FICO score. There are truly free sites that don’t require your credit card number. Quizzle, Credit Sesame, and Credit Karma all provide you free access to a credit score. However, it’s important to realize that the scores offered to you aren’t the same scores that lenders look at when making decisions about you.
Be careful out there. It’s your money and your financial reputation, so take care.
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