The credit score is always a topic of great debate with consumers. It is fascinating that a vast majority of consumers honestly believe that they only have one credit score that is utilized to evaluate ALL their credit needs. The most commonly referenced score is FICO. This is not true. Here are the facts for those of you who would like to know.
Every industry has their own proprietary analysis for credit scores/rank. The score that your auto dealership incorporates is regionally based. Your home and auto insurance companies factor claims when determining the credit rank. Your health insurance considers your quality of lifestyle in conjunction with your physical health. Landlords, even employers, have a credit score model beyond Equifax, Experian & TransUnion.
Although Equifax, Experian & TransUnion are the main repositories of the data that all credit scores are derived, the process that they are evaluated are specific to the industry needs and requirements. Even the health field wants to create a MedFICO. Your next health/medical visit maybe influenced by your credit score. Food for thought.
Therefore, it is very important to make sure the factual data at the three main repositories are absolutely correct so that whoever wants to evaluate your information has an accurate snapshot. To find out more about me or improving your credit, visit my website: www.TheBarathGroup.com.
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