Why that “free” credit score you just got is probably useless

Navigating the credit score landscape is sometimes treacherous for consumers, with so much confusing and seemingly contradicting information about scoring models, multiple credit bureaus, reporting guidelines, and plenty of websites offering “free” credit scores.
In fact, when someone clicks on one of those offers to view their credit score, they will quickly find out that the free offer:

1) Isn’t free, and

2) Also may not be ...

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Cue the band, roll out the red carpet and drop the confetti…America’s average credit score just hit 700!

Cue the band, roll out the red carpet, and drop the confetti, because America just got some great (credit score) news: the average U.S. FICO score has reached 700.

FICO, which is one of several credit scoring models but also the most widely used one by lenders, including mortgage lenders, reported that the average score hit 700 for the first time ever. FICO scores are ...

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What credit score do you need to buy a home?

 

If you’re thinking of buying a home for the first time, or maybe haven’t owned since the real estate collapse starting in 2008, you may be wondering what credit score you need to get a mortgage. 

In fact, before the housing market crashed, it was far easier for the average person to get a loan since credit standards were very low (or nonexistent!) and the subprime ...

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Can you do better than the average person on this credit score quiz?

The average person will get 13 out of these 20 questions correct for a 65% score. Can you do better?

 

True or False:

1. Pulling your own credit report will hurt your score.

True

False

2. When different vendors pull your credit score as you “shop around” for a loan, it will always hurt your credit score.

True

False

3. There is only one version of your credit score.

True

False

4. According to federal law, employers are not allowed to check an applicant’s credit report when hiring.

True

False

5. Everyone is assigned a ...

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How you can tell if a credit repair company is operating illegally

Credit repair organizations provide a valuable service to consumers, helping to increase credit scores by holding credit bureaus, banks, debt collectors, and lenders accountable for reporting accurate information. However, like with any financial service, it’s important for consumers to know their rights and make sure the credit repair company they hire is following all laws and regulations.

So what’s the most important thing to look for ...

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Experian fined $3 million for deceiving consumers

Experian, one of the nation’s three preeminent credit reporting agencies, has been fined $3 million by the Consumer Financial Protection Bureau.

What was the infraction that warranted this $3 mil slap on the wrist? According to the CFPB, Experian deceived consumers when it told them that the version of credit scores they could purchase was the same one that lenders used to make credit and financial ...

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TransUnion and Equifax Forced to Pay For Deceiving Consumers About Paying for Credit Scores and Services

When TransUnion and Equifax got caught for defrauding consumers by urging them to unnecessarily pay for credit scores and products, the Consumer Financial Protection Bureau (CFPB) stepped in to make things right. Now, the CFPB has taken strong action against the credit reporting agencies, forcing them to pay stiff fines as restitution to those they deceived.

In fact, TransUnion and Equifax have been ordered to pay ...

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