figuring out fico's impact
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#1 Mar 4, 2009
It really isn't clear what impact might be to consumers if Experian sells your credit score to a credit grantor but not to you. There are many different scoring models in the marketplace such as the new FICO08 model first now being implemented by TransUnion and shortly by Equifax. The latter generally sells you the latest FICO score based on your data that Equifax has. But, in fact, there are many resellers who provide mortgage lenders with a special mortgage lending score, in fact, all 3 credit company scores based on each companys data on you. The lender should give you a copy upon request. Again when you apply for a new car loan a reseller will use a different scoring model and use generally the data from only one of the 3 reporting companies which ever one the dealer uses. It seems inherently unfair that the credit lenders can get your Experian score but not you but if a resellers model is being used what difference does it make? Its more important to make sure the data being reported is correct.
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