I get this question all the time, “Which credit score model is the best one?”
Or “Why can scores be so different based on which monitoring you use?”
And so often, clients check their CreditKarma or CreditSesame or any of the free credit monitoring scores and notice their score either went down or is different from the score you told them.
So why is that?
No Two Scoring Models are the Same
How is it that credit scores can vary depending on the monitoring you used?
The short answer is, it’s because there are different scoring models.
Some are modeled for various credit card lending decisions, some are for mortgage lending decisions, some are for automotive lenders, and on and on.
Most of the free credit score monitoring use their own scoring models. This means they use their own criteria to determine the score.
Then there are the big ones like FICO, which has 28 different scoring models!
The other big one is Vantage, which has 4 different models. Each one is used for a specific purpose.
As if that wasn’t enough, many of the largest lenders in the country have their very own internal scoring model!
Which is exactly why scores can be so different from one place to the next.
There’s NO “Best” Scoring Model
So how do you know which score to choose?
There isn’t just one that’s best. The important thing is you STICK with whichever you choose that way you can accurately track changes.
Think of credit monitoring as a gauge. Keeping your eye on that gauge gives you and your clients a general idea of how they're doing and the results you’re getting them.
When negative items are removed, or debt is paid down - the gauge goes up and you know progress has been made.
On the flip side, when negative items are added, or debt goes up - the gauge goes down and you know there is a problem.
You or your client may have your own preference as to which credit monitoring they prefer, but whatever it is, you need to stick with it and not jump around!
Credit Repair Cloud Gives You Choices
With Credit Repair Cloud, you can choose from many different options.
All offer all three bureaus and all three scores.
If you’re not an active member yet, just go to Credit Repair Cloud for a free 30 -day trial.
And, if you want me to hold you by the hand as you launch your very own credit repair business, all for less than it takes to bring your family to McDonald’s for dinner, go to CreditHeroChallenge.com and join today!
We’ve got a new one starting soon, but you’ve got to get in quick before doors close, otherwise you’ll have to wait for the next one!