Credit-reporting firms make a positive step
According to the Los Angeles Times, the three largest credit-reporting firms in the US- Equifax, Inc., Experian, and TransUnion, have collaborated on establishing a standardized credit score with the intent to make it easier (yeah right!) for consumers to understand their credit scores. They are calling it VantageScore.
Although the big three have worked together on this initiative, they will continue to collect their own credit data individually, and in my opinion, this will continue to make repairing errors in your credit file 3 times more difficult than it needs to be.
The ratings will be from a baseline of 501 to a max of 990. Consumers with a credit score of over 900 will receive an “A” rating. Borrowers can continue to keep their credit good by making timely bill payments, keeping credit balances low and showing a history of paying different types of debt.
You can get a free copy of your credit report by visiting this website- https://www.annualcreditreport.com/. It’s important to note, this is the only authorized website for a truly free credit report. Click here for more information.
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