3 CREDIT MYTHS Myth: All scores are the same. Fact: Not all credit scores are created equal! The FICO® Score is what 90% of all lenders use when determining loans and interest rates. Although many new score calculations have come out, the FICO Score remains the most established and well-respected among lenders. Myth: All I need is a free credit report. Fact: A credit report is not the same as your FICO Score, which is what lenders will consider. You cannot get your FICO Score in a free credit report. Although each credit bureau is required by law to give consumers a free credit report every year, it does not contain your official FICO Score. Myth: I dont need my FICO Score until I need a loan. Fact: A FICO Score cannot be improved overnight. If youre planning a big purchase down the road, the sooner you start actively monitoring your FICO Score, the better. Proactively managing your credit and watching for negative factors will ensure a smooth road towards your financial goals and big purchases. JL Financial Services #CreditTips #CreditRepair #DebtSettlement #JLFinancialServices #IncreaseYourFICOScorein45Days
Posted on: Tue, 22 Oct 2013 22:55:46 +0000
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