Your Credit Score is a Retail Product Like Oatmeal

by Aly Adair

The Brand of Credit Score You Use Can Mean the Difference

of Getting Your Dream House or Not

Credit scores on credit reports have been around a while, but many people have no idea where the credit scores come from, who decides what the credit score should be, who uses credit scores, and what you can do to improve your credit score. The fact is there are many brands of credit scores that have been developed by companies that compete with each other for your dollars and for your lender’s dollars.

Imagine going to the grocery store and standing in the cereal isle. The fate of your entire financial situation, your job prospects, that new car you want to finance, or your dream home mortgage approval, will be decided by which brand of oatmeal is selected based on certain ingredients in that oatmeal. For those people who need a trusted credit score for whatever reason, you may want to buy the top name brand of oatmeal with proven brand quality. For those people on a budget, who have good credit, and the credit score will come out high anyway, you may want to buy the generic brand of oatmeal.

To read how to choose which brand of credit score is best for your financial situation, read this informative article:

FICO Credit Score Vs. VantageScore Credit Score: Your Score is a Retail Product, Just like Oatmeal - Which Brand Should You Use?

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Filed under: Business, Employment, Personal Finance, Real Estate, Self Improvement