Credit scores, FICO and the Credit Bureaus oh my!

Good Day Red Phoenix Nation! I hope when you read this, you are doing well! If you haven't noticed, rates are still low! Please take advantage of them and if you can't, get some help. DO IT NOW! If a door gets shut in your face, go through the window!

Today, we chat about Vantage credit scores, the bureaus and FICO! My friends, it seems to be more apparent that I need to address this more and more. Consumers are making an effort to become more aware of their credit (AWESOME) and yet there is more confusion than ever. I will break it down, quick and easy and I'm thinking you'll be able to retain it.

The Credit Bureaus: The big 3 are Trans Union, Experian, and Equifax. Equifax is also known as CSC. Google CSC and Equifax, you'll find they are separate, CSC owns Equifax and that Equifax owns CSC. What you need to know is they are the same, who knows for sure what the scoop is but they like to keep you guessing and change what's what often. The big 3 are not government owned, run or even care about the government except when it comes to getting their way.

Vantage Credit Scores: These are scores the bureaus got together on (for once) to compete with FICO. When you go to one of those web-sites and pull your credit, get your score and usually end up paying for it. That's a Vantage score you are getting, which typically is inflated 10-70 points when compared to FICO. I have seen it many times higher by 70 points than FICO. So why do they have this system? They need something to sell you and make you feel good so you will leave them alone.

FICO: Fair Isaac Company which is right here is my state of Minnesota and is used by 85-90% of banks and lenders in the United States. FICO does not report any creditor information, think of them as the scoring system. Although FICO can be a mystery at times we do love them!

That's about it friends, short and sweet and easy. When it comes to credit, sometimes just having the basics can help a ton! If you need me or any of my professionals, we are here to help in any way we can. Remember, we work with the best Real Estate and Mortgage Professionals.
I also work with the best attorneys that care more about people than their bottom line. If you need me, I'm always around....

john@redphoenixco.com
twitter @deletebadcredit