This is the first mini post in a series of five mini posts in our series on Demystifying Credit Scores.
Please be sure and read through the other posts, too.
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The credit scores you buy on sites like AnnualCreditReport.com are NOT your FICO scores!! They are typically your "Vantage Scores". Vantage Scores are rated on a scale of 501-990.
FICO scores are done based on the Fair Isaac scoring model, and are a range of 330-850. You can purchase these scores at http://www.myfico.com/ Most Creditors, including mortgage lenders, are basing their lending decisions on your FICO Score.
Sites like AnnualCreditReport.com ARE a good source for pulling and reviewing the detail of your credit report. You SHOULD review your credit report periodically to check for errors.
Since most creditors do report to all three reporting bureaus, I actually pull a report from one of the three reporting bureaus every four months. I often find errors, and when I do, I write letters to all three of the credit bureaus to advise them.
As a matter of practice, it is suggested that you challenge ANY negative information on your credit report, even if it is accurate. Many times, the creditors or their collection companies will be so overwhelmed they will fail to respond within the time frame allowed and the bureau will remove the negative information from your file.
