Why Free Credit Scores are Usually Wrong

Dated: September 2 2020

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Why Free Credit Scores are Usually Wrong
 
Well, there are many online sites that offer free credit scores. Credit Karma, Credit Sesame, banking apps, and even some of the actual credit bureaus offer free credit scores.
 
It’s important to check the fine print though! Most of these free services DO NOT provide consumers with a FICO score. Their scores are calculated using different scoring models.
 
Often times these scoring models produce scores that are significantly higher than FICO scores. In lending, FICO scores are the ONLY scores that matter.
 
When we run a client’s application, we pull a score from each of the 3 bureaus, Experian, Transunion, and Equifax. We then get rid of the highest score and the lowest score, and the score in the middle is the one that we use for qualification purposes.
 
While free credit services are great for monitoring the contents of a consumer’s credit report, they will not help a buyer determine if they meet the minimum scores required to qualify for various loan programs.
 
-Performance Mortgage

Why Free Credit Scores are Usually Wrong

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Jenetta Miller Wallace

Licensed since 1997. Principal Broker Harmony Realty Group.Ohio Broker. Auctioneer. Florida Broker Associate-Coldwell Banker SunStar Realty. Punta Gorda, Florida. Enjoys real estate, bo....

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