Consumer credit report Michigan

Consumer advocates advise credit data shoppers to remain extremely wary. "The credit bureaus continue to foster consumer confusion and profit handsomely," says Jeannine Kenney, senior policy analyst at Consumers Union.

"It's a disservice to consumers." Shopping for a credit score can be mind boggling. That's because, like Temple, most consumers are oblivious to the rising turf war between the Big Three and Fair Isaac, supplier of the formula for calculating FICO, the score lenders most often purchase from the bureaus to determine a loan applicant's credit worthiness. About 18 months ago, the bureaus began offering lenders an alternative score: VantageScore, consumer credit report Michigan based on an algorithm of their own contrivance. By pooling their data, the bureaus claim, they've come up with a scoring tool more accurate than FICO. The Big Three have begun to whittle away at Fair Isaac'consumer credit report Michigan s long-held dominance of the credit-scoring market. free credit report once a year "We expect VantageScore to become the pre-eminent offering over time," Experian's Girard says.

Experian and TransUnion are simultaneously delivering VantageScores as well as other proprietary scores to consumers who have no consumer credit report Michigan inkling how the bureaus' proprietary scores differ from their FICO scores, personal finance experts say. "Fair Isaac has done a good job of almost having a monopoly," says Chris Larsen, founder of E-Loan and Prosper.com, online consumer lending services. "Now we see the bureaus themselves trying to take over that business." As this rivalry heats up, consumers need to know that buying a credit score from consumer credit report Michigan Experian or TransUnion generally means you are not buying your FICO score. free credit reporting agency Or Experian's Plus score or TransUnion's TransRisk score. "The thing that concerns us the most is that they're not telling consumers the scores consumer credit report Michigan they're buying are different, and they're implying their proprietary scores are the ones used by everybody," says Fair Isaac COO Michael Campbell. The only place consumers can buy FICO scores are at Fair Isaac's consumer website, myFICO.com, or at Equifax.com. Equifax is the only bureau that sells FICO scores to consumers.

While trying to rebuild his credit to buy a house, William Palmer, 26, a tech professional in Chattanooga, Tenn., found that the credit scores he purchased online from Experian and TransUnion were 30 to 40 points higher than his FICO score, purchased from MyFico. "The scoring system is all over the board," Palmer says. The bureaus say their websites offer extensive guidance.

And they say VantageScore and their consumer credit report Michigan proprietary scores do as well as Fair Isaac's FICO score in pegging a person's creditworthiness. view my credit report

While declining to answer questions about Wendy Temple, TransUnion's Katz noted that the TransRisk score assesses "consumer credit report Michigan how lenders are likely to view them as a loan candidate." Maybe so, but Temple's hopes were dashed because no one told her that her TransRisk didn't correlate with her FICO score.