What Is My Real Credit Score?

The effort by many consumers to subscribe to credit reporting agencies in order to protect their credit strength and reputation is to be applauded. Preserving one's credit reputation is very important today and these monitoring services also provide an effective method to prevent any unwanted credit inquiries or activity.

An additional benefit to this service is supposedly to remain apprised of your current credit scores. However, many of these subscribing consumers are surprised to learn, upon applying for a loan, that their lenders are citing scores far different, and often less favorable, than those paid for by the consumer. The consumer is often confused, frustrated and even angry to learn that they are paying for a service that provides them with credit scores that are not utilized by banks and lenders. Why is this?

Most lenders utilize the most current version of the FICO scoring system that is made available to them through the primary credit score providers (Equifax, Experian and Trans Union). Unfortunately, these credit score providers also sell proprietary credit score programs directly to the consumer that are not as comprehensive as the FICO based program and can provide scores up to 30 points or more higher than those provided to the banks and lenders.

Any claim by a credit reporting service agency that "a credit score is a credit score" is disingenuous. Make certain that your service is providing you with the latest FICO scores so that you avoid any surprises at loan application.

Continue monitoring your credit report (we recommend www.annualcreditreport.com as a good tool) and when working with JustBoatLoans, be certain to ask for a copy of your credit report disclosure which will detail your FICO score.