Credit Score

What's the deal with everyone advertising services that give you your credit score?  Who needs that?  What do these firms get from researching all your intimate details? Is their business model to sell your financial info and purchase history?

These days, your credit score is used inappropriately by all kinds of people. For example, if you have a bad credit rating, you can't get a good job, because firms are checking your credit score and turning you down on that basis. (Don't ask me why that makes sense - it seriously makes no sense whatsoever. But they are doing it.) That puts pressure on people to pay attention to their credit rating all the time (in the old days, most people didn't bother unless something serious was going on). That makes a market that some hucksters are trying to exploit. And yes, they probably do make side deals for your data, slimy bastards that they are.

Does "knowing your credit score" allow you to do jack shit about it???

Not a lot, as far as I can see. It does help you spot errors, supposedly, and get them fixed (although I have seen enough horror stories about that to make the prospect about as attractive as a root canal). The reports do let you see when people are checking your credit. Some people might be interested in that, although I don't know if you can find out exactly who did the asking (and most of it is through third-parties anyway). If you live in fear of identity theft, I guess your credit report might tip you off if someone is getting a credit card in your name, or something like that. But I don't think it's anywhere near a fast response when you ask for a report, so it's not like you're going to be in time to stop stuff.

I asked for a (free) credit report, once. Barely understood it, even after an accountant explained it. Certainly wouldn't pay for one. Certainly wouldn't consider it useful information about a candidate for a job, any job.

Right.

All that leads me to suspect that the credit report agencies are making their money selling your data to other retailers.  By requesting your "free credit report" from one of these firms you are volunteering for a torrent of spam (and making a pretty penny for the firm in the bargain).

Quote :

Can the information in my credit file be used for any other purposes?

Yes. The practice of generating and selling lists for use in "pre-approved" credit and insurance offers is allowed by law. TransUnion, Experian and Equifax all engage in selling lists of consumers who meet certain criteria in order to receive a "firm" offer of credit or insurance. This is the source of the many pre-approved credit offers most consumers receive in the mail.

"Pre-approved" and so-called "firm" offers of credit, however, can be somewhat misleading. If you respond, the creditor may access your report before you are actually granted credit. They can deny your credit application at that time. This is explained in the fine print on the pre-approved offer.

Source

I've done it both ways and having a good credit score keeps money in your pocket in so many ways. Credit has nothing to do with actual trustworthiness it's a mere reflection of the information third party companies have collected on you. The poor with no credit pay disproportionately more for the same services or less than the poor with good credit or the affluent with any kind of credit.

It's not the number that helps you so much as knowing who fools with it and how. Learn to play the game. It may be a rich man's game but that doesn't mean that knowledge of the rules won't help.

NoCoPilot wrote:

 By requesting your "free credit report" from one of these firms you are volunteering for a torrent of spam (and making a pretty penny for the firm in the bargain).

Not precisely. You are open to receiving offers based on summary information that Trans Union, Equifax, or Experian do indeed make their money off of collecting and selling as long as you have not gone to the effort of putting a flag on your credit report with each off the three agencies. You have to act to explicitly remove yourself entirely from such peeping. I think that's key. We can't get the powers that be to assume everyone is an organ donor, you have to explicitly check that box in most states, but you have to opt out of receiving credit offers. So much to be proud of.

Anyway.....

There is one and only one actually free cant sell your info credit check site run under the auspices of government mandate. www.annualcreditreport.com and you can get all three reports through them once a year at least, more if you are jobhunting or having issues to straighten out.

The next best place and the only free way to get your actual score, is Credit Karma because while not ad free it is relatively benign and totally free of charge.

I use both services, because I see what a difference in my life a 920 makes versus a 36.