We all hear the recommendations to check our credit report every so often to make sure it is accurate but how many times have you mailed in a written request? I'll gamble to say none! The internet has made life much easier and today you can check your report within minutes.
Back in 2002 was the first time I ever got a glimpse of my credit report and I did find several errors. There were a few accounts that did not belong to me and my birth date was wrong. Although none of the errors had any negative effect on my report it needed to be revised. When I checked again in 2004 all was fine.
In the Real Estate business we hear about credit scores all the time but at this stage I myself am still confused by the different systems. In 2004 the FICO score was the number. The FICO score range went from 300-850 and from my viewpoint as a Realtor anyone over 600 was a good candidate to become a homeowner. Some clients with good downpayments and a willingness to pay a higher interest rate have had lower scores.
Yesterday my ears perked up when I heard a story on the morning news about FREE credit reports. Each of us is entitled to receive a free report once a year. Many companies on the internet try and hook you into paying steep fees for credit monitoring services when you try to get a FREE CREDIT REPORT but the reporter cited AnnualCreditReport.com as a good site to receive a free report and since you are entitled to one free report per year from each of the three agencies they recommend ordering a different one every 4 months so you can closely monitor changes. 
Viewing your credit report does not give you the CREDIT SCORE and since I have heard of a "new scoring system" I spent $5.95 to get my number.
The Scoring Scale has changed and results in a number starting at 501 and topping out at 990. I got an ego boost since I moved a little closer to the top during the last four years.
If you are currently in the market for a new home in my territory or have a property to sell in New Haven County feel free to contact me via email (Dan@CummingsTeam.com) or call my 24 hour access line 203-672-2455.
You mean to say your name is Daniel and not Dan!!!!!!!
Thanks for this post. As a matter of fact we have been talking about checking our score lately and now your post is a sign.
Yeah......Where are the Loan Guys! What is this Vantage Score? And can I buy shoes with it?
So My Jen when are we going shopping?
Geez, I should be getting paid by the comment over here. And what are you gals buying me?
Check out this link.
Jason... I know I can just sign my name and spend but I'm pretty conservative with credit.
Sandra... You have enough junk but if the shopping bug strikes you can head out to the food store and cook me a feast!
Mana... Daniel or Danny or Dan.... Gets shorter with age!
Jennifer... I was wondering myself if the mortgage industry has converted systems or just creating confusion.
Sandra... Don't you have a barely used pair of Running Shoes?
Jason... Are both systems currently in use or do different lenders use different scales?
My Sandra... Let's meet in NYC and spend a few days and a lot of $$$!
(p.s. I know what Sardi should get paid for... and it isn't comments!)
More than a few errors? I just checked out my credit report and it says my name is "Daniel Cummings." How wierd is that? Psych!
[I'll give you saint.]
Teri... Go ahead and splurge... it's just pocket change and you'd be doing your part to stimulate the economy by spending.
Jason... You doing NYC with the little woman? We'll talk them out of shopping and hit the comedy club or something!
Jennifer... Shopping can be done anywhere..... NYC is for fun and food, Have you had the Pastrami on Rye?
Marc... I heard the system was coming long ago but never knew it was implemented by the major credit reporting companies until today.
Sandra... Should suggest Jennifer does Boston instead.... Don't they have great deals on Wedding Dresses?
Andrew... It is a popular name but doesn't have the same recognition as Saint Andrew!
Dan all the Lenders that I know of are still using the same FICO system, it would be interesting to know if any Lender has switched to VantageScore. I did a blog on VantageScore back on May 5th of last year. It is suppose to be adopted by all three major Credit Reporting Agencies Equifax, Experian and TransUnion. All three are suppose to use the same criteria and arriving at the same score, also it is suppose to be easier to understand, but I have yet to see it in use.