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Are Some Credit Reports "Fake News"?
  Are Some Credit Reports "Fake News"?
Per a Housing Wire report, Experian (one of the 3 major credit bureaus) was fined $3 million for representing that their "purchased" credit scores were the same scores used by Lenders for Mortgage Underwriting decisions. (Housing Wire article link)
Their consumers were, (and I am paraphrasing), "receiving the exact same credit scores that Mortgage Lenders use to make loan and credit decisions".  This, they promised, would prove to be a great advantage to these consumers as they started their home shopping and mortgage search.
 
The CFPB (Consumer Financial Protection Bureau) found Experian's sales approach very misleading ... because it was.  They took appropriate action and Experian must now pay for having performed their business in this manner.
The sad outcome of these headlines:  Experian's actions may create further distrust of the credit and financing process.  And that, in turn, may further increase the misconceptions and fears many consumers have surrounding credit scores themselves.  

Credit scores (and credit scoring) can be a very beneficial tool for consumers.  But they're rarely viewed as such.  Too often, consumers hold a negative view of credit scores and scoring ... and they don't understand how they function or how they can benefit them.  
Because of this view:  Many potential mortgage clients ... more

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