Credit scores, and the information in your credit reports, can provide important information. When considering an offer for a credit score, keep in mind that the credit score being provided or sold may not be the same score that is used by lenders and insurers in making credit decisions. Here is some information to help you make sense of credit score offers.
You do not have just “one” credit score – there are many credit scores available to you as a consumer as well as to lenders and insurers, and the credit score you obtain may be different than the ones that businesses use to make credit decisions. A credit score may vary from lender to lender, and depending on which consumer reporting company compiled the credit history used to generate the score.
We want you to understand what
information will be most useful to you when learning about your credit report
and scores. Here are some key tips you should keep in mind.
Tip 1: Understand the differences in your credit
is no “one” credit score.
are many credit-scoring formulas available to you as a consumer as well as to
lenders. The score you receive from any source will depend on the data used to
calculate it, and the score may be different depending on the scoring formula,
the source of your credit history, and even the day when it was calculated.
Credit reporting companies, also
known as credit bureaus or consumer reporting agencies, are companies that
compile and sell credit reports.
reporting companies can gather information from many sources including:
of lenders across the country
records, such as bankruptcies, liens, and other judgments
agencies, which provide information on delinquent accounts
Because credit reporting companies
calculate scores in a number of ways, and because they may report your
financial history at different times, your credit scores may change slightly
Monitor your credit report for accuracy
Mistakes in your credit
reports could hurt your credit history and credit score, so check them
regularly. If you monitor your credit report,
you can keep track of the items affecting your credit scores and make sure your
credit report is accurate. You can get one free credit
report from each of the big three credit reporting companies every 12 months.
Go to  or call 877-322-8228.