Like credit reports, credit scores are often used by lenders and insurers to make important decisions about consumers. Many consumers have difficulty obtaining credit scores that are consistent with the ones used by lenders. Inconsistent scores are harmful when they give consumers false confidence about their credit worthiness, and can result in denied credit or higher interest rates.
Three-digit credit scores, usually ranging from 300-900, may be used by bankers, insurers, landlords, lenders, and others to determine your creditworthiness and the rates you pay for services. Typically, consumers have to pay for credit scores or sign up for trial offers that may have hidden costs.
When buying credit scores, about one out of five consumers are likely to receive a meaningfully different score than the one used by a lender, according to a
"Maintaining a good credit score is essential in today's economy," said
"We will be watching closely to see how the credit card companies respond to Director Cordray's push," Banks said.
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