Continuing on the credit report scores thing, someone recently told me about a situation they had encountered with their credit scores. They follow their credit on one of the Online Credit report dot com company's and they thought their scores were rebounding rather well after a rough financial time. When they thought the scores were high enough to apply for a line of credit, they did so and were denied. The reason was that their scores were too low!
Investigation of this matter indicated that there are really two sets of scores! One score that you and much of the retail credit market sees and another set of scores that mortgage companies and banks see! Yes, as crazy as that seems, I ran that person's credit only to see that the scores on my company's report were in fact agood 30 points lower than the scores he had on his credit report, received from a paid subscription to one of those credit report dot com companies!
The moral to the story, be careful and if you subscribe to one of these reporting company's, ask for the scores that the banks and mortgage compnaies see, otherwise you run the risk of being embarrassed when your loan is turned down for low credit scores!
The next post will direct you to an article that shows how people with bad credit get it fixed quick in order to purchase a home! Stay tuned!
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