Lenders Concerned Over Credit Score Discrepancies

The Consumer Financial Protection Bureau is at it again, protecting consumers from problems you did not even know existed. It turns out that the credit scores you are so carefully tracking online to make sure that your credit stays healthy very likely are not even the ones that lenders use to evaluate you for a loan – and that’s a problem, says a CFPB report that shows that many consumers making decisions based on scores provided by credit-reporting services may actually be over-paying on loans or damaging their credit by repeatedly applying for terms they will never get. According to the report, FICO scores, which are widely used by lenders, have completely different scoring models for lenders and consumers. VantageScore has similar scoring discrepancies.

The CFPB is poised to begin federal oversight of the credit reporting industry next week, as required by the Dodd-Frank financial reform law. The bureau will evaluate credit-reporting firms for accuracy, effective management of consumer disputes, and fraud prevention. The CFPB recommends using your credit report to fix past problems and adjust reporting mistakes rather than to predict your own potential success in garnering a new loan. Consumers are entitled to one free credit report annually.

I also recommend looking into a company called KROLL. They are the #1 risk management company in the world. They can assist you in not only monitoring your personal credit, but in the case of IDT they have licensed Investigators go to work on your behalf to restore your number one asset…Your good name! For more detail information or have further questions, contact me, or go my website and follow links.

*GOD Speed*
TLD Investments LLC


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