talking about those credit score web-sites

A lot of people often ask me about the web-sites you can visit to get your credit score. Are they good? Are they accurate? Does it hurt my score to use them? What's the best one to use? Basically, is it worth it to sign up? I would first like to answer a basic question that seems to be on everyones mind, does it hurt my score? Pulling your credit through one of the web-sites will not hurt your score and it will not show up as an inquiry. It is considered a soft pull, like when your insurance guy pulls your credit. (and yes they do pull it) The next question comes is how bad does an inquiry hurt my score? On average 5 point for an inquiry, some are viewed worse than others. A mortgage pull (good debt) won't affect you as bad as a credit card pull or what is viewed as bad debt. Back to pulling your credit and if it's a good idea. Knowing that 79% of credit reports have an error, yes pulling your credit once a quarter or once every six months is a good idea. First thing you need to do when you pull your credit is forget about the score for a minute. Reviewing the information that's on your report is far more important than looking at the score. Why you might ask? It's the information on your report that affects your score, and you want to make sure that information is accurate. The other part of that is those scores you get from the web-sites aren't that accurate compared to what the bank pulls. Why is that? Lot's of times the different web-sites are using a different calculating method to generate your scores. I could go more in depth about that, but you'll have to keep checking my blog for that post. What you need to know is most banks use FICO, also known as Fair Isaacs Company. They are the mega consulting firm that figures out what your scores should be based on the information the bureaus gather and report. If you have to know your score, check out myfico.com to get the most accurate score. If you want to use those other web-sites to check your credit, I suggest you use one that is sponsored by one of the major bureaus or going directly to their sites and checking it. Trans Union, Experian, and Equifax. Do I trust the score they give you? No I don't, and I won't post any of their links either. Why you might be asking? It is in their best interest to give you a higher score in order to prevent you from contacting them about the information that is on your report. Majority of Americans just want their scores, then are satisfied with out even checking the content or even knowing how to read it. I will be releasing a free E-book on understanding and reading your report, but I'll need to ask you to keep checking back for the time being. Lastly, I will stress to you again. THE CONTENT OF YOUR REPORT IS SOOOO IMPORTANT! 25% of the country has a score of 599 or lower and that's not a typo. The economy, lack of knowledge, and fear of creditors have a lot to do with this. I have a number of topics that I'll be covering the next couple of months that a lot of people have been asking me about. In the mean time, if you have immediate questions, I'm always around. Rise Every Day!