Buyer Beware: CFPB Reveals Your Credit Score Could Be A Fake

policyshop.net — Say you want to buy a house or a car and you need a loan to do it. You do what every personal finance site recommends and obtain a free copy of your credit report from annualcreditreport.com. Then, urged on by the ads from TransUnion, Equifax, or Experian – the “big three” credit reporting firms that compile the reports – you opt for not only the free report but also shell out for what the companies promise is your actual three-digit credit score. A number! Now, you may think, I know what the auto lenders and banks making mortgages really think of me. I have a sense of what rates I qualify for and what type of car or home I can afford. There’s just one problem: the score you paid for is likely not the same one potential lenders will use to assess you.  In fact, it could be way off.

more »