Getting a True Credit Report
It is a standard for financial experts to review the credit reports and scores of their clients. The fact that credit reports have become so important, the government requires the credit report bureaus to offer free reports. The feds do not necessarily require the bureaus to give credit scores out rightly, but it is possible to get your scores for free. Sadly, this access to credit score has generated some problems in getting true credit report. As you know, the credit report is something that a lot of us want to get and people can access this from reporting agencies along with the scores. They can also ask identity theft agencies and protection services to supply you with the scores. Sadly, with the credit report, most people do not get the actual scores and what the lenders receive is different from what you get.
That means when you receive your true credit report, you may not really get a true score. How come? Well the rules that govern the release of free scores often do not really put much value to checking consistencies. They only maintain files and do not worry if it will be of any disadvantage to the consumers. Studies are currently being made to assess the variations in the scores alongside the credit report. There is some merit to such claims of discrepancies because the credit report can sometimes have some issues with the accuracy of the information that is being offered to the public. This means that the credit report can be flawed but the more pressing issue is that the scores are way off balance between what consumers get and what lenders receive. This is due to some unique factors:
People receive different scores alongside the true credit report. The educational score, for one shows how the scores indicate how lenders perceive their credit. Sadly, the scores are different from the standard FICO. Another one would be industry scores where the different industries have and use specific FICO scores. The scores per industry are not the same so expect that even if you receive the credit report, the scores are still not accurate. There are also custom scores where adjustments are made using a variety of tools that a specific company knows.
Understanding the true credit report is more important now than the score. Make sure that you check your scores before making any requests for loans so that you know that all the information are accurate. You cannot really do anything about scores but with the credit report, you definitely can do something about it so that you can make the best possible impression. An accurate credit report will have more bearing compared to scores simply because lenders themselves have different ways to make assessments.
Do you want to get a true credit report? All you have to do is sign up now and you will receive reports from the 3 credit bureaus. It is vital nowadays to become to be aware as a consumer especially with your credit.