There are three national credit repositories which we know as credit reporting agencies. Trans Union, Equifax and Experian. All are for profit corporations. All have an agenda which is to sell you a subscription to something you truly do not need.
What does FICO stand for? FICO was the publicly known name of the Fair Issac Company which developed the mathematical models to predict credit behavior based on current and past credit usage; they are now known as FICO. This company is as protective of their proprietary information as is Coca Cola of its formula.
You can obtain a free copy of your credit reports annually by logging onto this government created site free annual credit report. While these reports contain the information on your credit reports, they do not contain your FICO Scores. As of this publication, you will need to purchase your FICO Scores as explained below.
How can I get a copy of my credit report with the FICO Scores? You can get a copy of your FICO Scores with the error codes (very important) from only three places at varying costs – none of the reports with your FICO Scores are free: 1] Your mortgage banker – who may not mark up the price paid for the tri-merged reports with your FICO Scores – is the only one that can get all three of the credit reports with the explanatory codes. 2] My fico again provides all three FICO Scores as of September 2014. The costs are not insignificant and the scores you purchase may not be the ones your mortgage lender utilizes.
Can I get an idea of what my FICO Scores are without spending any money? Yes. But with a word of caution; the FICO simulator will act as any computer program, in other words garbage in garbage out. The free FICO Score Estimator will give you a good idea of your FICO Score Range. I do not encourage you to purchase any of the products offered as you utilize the FICO simulator.
In future articles I plan to discuss: How you can improve your FICO Scores; understanding how your FICO Scores are earned as well consumer credit topics suggested by readers.Financially Speaking – James Spray, CNE, FICO Pro CO LMO 100008715| NMLS 257365 | May 24, 2010
Notice: The information on this blog is opinion and information. While I have made every effort to link accurate and complete information, I cannot guarantee it is correct. Please seek legal assistance to make certain your legal interpretation and decisions are correct. This information is not legal advice and is for guidance only. You may use this information in whole and not in part providing you give full attribution to James Spray.