What do I get when I order a FICO Score Report?
You receive your FICO score, the credit report on which your score was calculated, and a personalized analysis of your score.
What is a credit report?
A credit report is a comprehensive view of your credit history, including your history of paying debts. Among other information, a credit report lists any credit or debts you have had and tells whether or not you made your payments on time as agreed. Credit reports are compiled by three national consumer reporting agencies (formerly known as "credit bureaus") that operate in the US: Equifax, Experian, and TransUnion. Each of these companies independently collects data from your creditors, public records agencies, and other sources of financial information. Creditors, in turn, access your credit report from one or more of the consumer reporting agencies when evaluating your applications for credit.
What is a FICO score analysis?
Our personalized FICO score analysis gives you a detailed, plain-language explanation of your current FICO score. This includes how your score compares to FICO scores nationally and what your score says to creditors about your likelihood to repay. In addition, you learn what specific factors affected your final score, and what you can do to improve your credit rating over time. Sample FICO score
Why do you offer three different FICO Score Reports?
That's because your creditors can get FICO scores and credit reports from three different, national credit reporting agencies in the US: Equifax, Experian, and TransUnion. Each of these companies independently collects data about your credit history. Creditors in turn get your FICO score and credit report from one or more of these agencies when evaluating your applications for credit. Generally speaking, each credit report will contain about the same information on your credit history, but sometimes their information differs.
Why should I get all three FICO Score Reports?
Seeing all three FICO scores and credit reports is the best way to know what information your lender is seeing when it decides whether to offer you credit or approve your loan application. This also is the most efficient way to make sure your credit information is being reported accurately by all three credit reporting agencies. Mortgage lenders as a rule will look at your FICO scores and credit reports from all three agencies when they make loan decisions. Other lenders might look at just one or two of your FICO scores, and only check your credit reports if they need more information to make their decisions. That's why you really should check that each agency is reporting consistent -- and above all accurate -- information on your credit history. Experts often recommend that you check all three of your FICO scores and credit reports at least once a year.
I see differences among my three FICO scores. Why?
Differences between FICO scores are pretty common because the underlying credit reports can contain different information. Since each FICO score is calculated only from the information in your credit report, differences between credit reports will often produce differences in FICO scores.
Why are there differences among my credit reports?
Each of the national credit reporting agencies independently collects data from your creditors, public record agencies, and other sources of financial information. Differences can arise for a variety of reasons. Some regional lenders report to one or two but not all three agencies. Or lenders may not report their monthly updates to all three reporting agencies at the same time. Or one reporting agency may be quicker than the others to add new information to your credit report.
What differences should I be concerned about?
The most important things to watch for are:
Accounts that are reported by only one credit reporting agency. Check to make sure such accounts are really yours.
Accounts reported as late or derogatory on only one agency's credit report. Were you really late on that account? If you don't think you were late, you should contact that creditor and the agency to have the item investigated.
Other negative items, such as Collection Accounts or negative Public Records, that show up on just one or two credit reports. Again, you should make sure these items are accurate.
How do lenders handle differences between FICO scores?
Because FICO scores from the three credit reporting agencies can differ, lenders have different ways to decide which score to use. Some lenders that get all three FICO scores simply use the middle score and throw out your lowest and highest scores. Others use sophisticated mathematics to determine your risk if your scores differ. Fair Isaac has researched various methods for choosing scores or combining them, and we work with lenders to help them use the method that works best for them. We also advise lenders to review the underlying credit reports from the three agencies. Making sure that data is consistent is the best way lenders can work with you to resolve differences between your FICO scores.
Which of the three FICO Score Reports should I select?
You should decide which FICO Score Report is right for you based on any personal preference you may have or the preference of your bank or lending institution. Many lenders make loan decisions based on the credit report and FICO score from one of the credit reporting agencies. If, for example, you are looking for more information after being turned down for a loan, you may wish to purchase the FICO Score Report that matches the credit reporting agency used by your bank to make the lending decision. If you are not sure which reporting agency your bank uses, you may want to purchase all three of the FICO Score Reports to see all three credit reports and FICO scores.
How much do FICO Score Reports cost?
You will be billed $12.95 for your FICO score, your credit report on which the score was calculated, and your personalized FICO score analysis. We accept the following payment options: American Express, Discover, Mastercard or Visa.
How long will it take to order FICO Score Reports?
The entire order process should take you no more than a couple of minutes for each report. Simply follow the instructions and enter the requested information when prompted. Within minutes your FICO Score Report order will be delivered to you online.
What is needed to order FICO Score Reports?
For your protection, your identity must be verified before any private information is retrieved. You will be asked a series of personal identification questions (such as your name and address) so that your credit report can be located. Then you will be asked a series of questions about your credit obligations, so that your identity can be verified. You will also be asked to select a payment option.
Why do I have to answer questions about my credit history more than once?
If you order two or more FICO Score Reports at one time, your identity must be confirmed by each credit reporting agency before it will give you access to your FICO score and credit report. This precaution protects the security of your personal credit information. Today this means you must satisfy the security requirements of each reporting agency, in turn. We are working now with the reporting agencies to develop a security procedure that will streamline and shorten this process while still protecting the security of your information.
Can my spouse and I order one FICO Score Report for both of us?
No. You must each order your own individual FICO Score Report. Credit reports are created and stored on an individual level, not on a household level. Every married person has his or her own unique credit file at the consumer reporting agencies. While married couples may have joint credit obligations, most also have individual credit obligations (credit you opened and used prior to your marriage, for example). The FICOŽ score is calculated from information in an individual's credit file and evaluates information in that file only. As such, it is common for spouses to have different FICO scores because the underlying data used to calculate the scores is different.