Consumers mistakenly believe non-FICO credit scores are actually FICO Scores

Consumers mistakenly believe non-FICO credit scores are actually FICO Scores According to a survey commissioned by FICO, 62 % of consumers who received non-FICO credit scores online believe they had received actual FICO® Scores. More than 8 in 10 consumers believe the scores they obtained from the non-FICO sources are scores widely used by lenders to make credit decisions, which is not the case. The survey found that 71% of consumers agree it is important that the credit scores they obtain are scores widely used by lenders to make credit decisions. But the only scores used in 90% of credit...

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Better Alternatives to Buying Credit Monitoring

Better Alternatives to Buying Credit Monitoring The credit agencies are eager to sell you credit monitoring at about $20/month. Here are reasons not to buy it. It doesn’t prevent ID theft, it only tells you after the theft has been committed – the proverbial shutting the barn door after the horse has run away. If you are really threatened with identity theft, you can put a security freeze on your credit files that actually prevents the ID theft by locking out access from the credit reports. Credit monitoring is not a good value proposition. You can check your credit report...

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