Though the annual credit report can be obtained free of any cost, the credit score can only be obtained for a payment. However, if one tends to avail a free credit score from the government, one can sign up to annualcreditreport.com.
FICO Scoring
One of the most common and popularly used paid services is FICO. FICO Score is developed by the Fair Isaac Company group. The rights of FICO are presently owned by Equifax which is one of the major brands responsible for consumer credit information. Equifax is among the three top-notch credit bureaus.
Other Leading Credit Bureaus
Among the other leaders in the market of credit information, Experian and TransUnion possess the honor to be the best. These are the other two brands which are claimed to be the leaders in the list of largest credit bureaus. Getting reports from these companies can also be effective. Though the variations are much similar to that of FICO, there are certain elements that make them differ. The scores generated by Experian and TransUnion were developed by the Fair Isaac Company.
Which Score Is Used by the Lenders?
This is a critical question as the demand varies from one financial organization to the other. One should tend to keep the credit score and the report ready before an application is made for a loan or before an insurance. Credit reports are also essential even if renting a flat or before getting married. In order to meet up with the requirements of a particular lender, it is a good idea to consult to the lender first so that the requirements can be understood beforehand. After the detailed list of requirements is received, one can then try to purchase the relevant score.
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