Financing in Alamogordo>Question Details

Djd, Home Buyer in Alamogordo, NM

How do I get my own credit score? "Free" credit reports don't yseem to be free? They want you to sign up for things I don't

Asked by Djd, Alamogordo, NM Sun Jun 19, 2011

want. Any other sites? other sites?

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You are correct - the websites that offer you your scores give your credit report for free, but the scores portion is what most consumers are after, so that part you have to pay for for auto-enroll into a monthly credit monitoring service, etc.

Unfortunately even after you pay for those scores, the those scores usually vastly different than your actual credit scores that mortgage lenders pull - the reason being is the scoring models.

When you get your credit pulled by a mortgage lender, most use the scoring models of:

BEACON 5.0 for Equifax
Classic 04 for TransUnion
Fair Isaac v2 for Experian

TrueCredit is run by TransUnion, and the scores are pretty much just based on some algorithm that they cooked up. Not even your TransUnion score from there is your actual TransUnion score. See on their website http://settlement.transunion.com/popup/scorePopUp.jsp it says:

"TransUnion Interactive is not connected in any way with Fair, Isaac and Company; the credit score provided here is not a so-called FICO score. The credit scores of TransUnion may not be identical in every respect to any consumer credit scores produced by any other company."

TrueCredit is one of the better ones though as far as the content of your credit report. The reason being is that it puts the data in a 3-in-1 tri-merged format which is what us mortgage lenders view, so it is pretty easy to review someone's credit if they come to us with a TrueCredit credit report. The scores from it aren't worth much (we jokingly call them "FAKO" scores), but the data on it can give a savvy loan officer a good idea of what your actual credit scores would likely be.

As far as getting your real credit scores, about 2 years ago Experian actually took away a consumer's ability to get the Fair Isaac v2 version of their scores, pretty lame move if you ask me, but remember Experian's clients are creditors, not consumers. TransUnion also doesn't make it's Classic 04 score available to consumers, but it does offer the Classic 98 version (the older version, which most mortgage lenders do not use anymore) which can be obtained at myFICO.com. However Equifax rocks, they still make their BEACON 5.0 score available through myFICO.com, so you can get your exact Equifax score to what a mortgage lender will pull through there (or at least for me it's been accurate ~99% of the time). The format of myFICO.com's reports is not the 3-in-1 though, they are each individual, so it is a bit cumbersome to review (each bureau's report is like 25 pages).

So for Experian, you can only find out your "true" score by having a mortgage lender pull it. Equifax you can go to myFICO.com for (it's not free). TransUnion you can get an older scoring model from myFICO.com from (also not free), but not the current scoring model score.
0 votes Thank Flag Link Sun Jun 19, 2011
You are entitled to a free credit report once a year, but you need to go to the Annual Credit Report site. See the link below. I am not sure you will get your score, but this is the only true free report where you don't have to sign up for anything.
0 votes Thank Flag Link Sun Jun 19, 2011
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