Oct
24

Stay on Top of All Three Versions of Your Credit Score

October 24, 2012

Excellent Credit ScoreWhile it’s important to keep an eye on your

credit score to both know how much borrowing power you have for large purchases and to protect yourself from identity theft, it’s important to realize that your credit score comes together from reports from three different agencies. Thankfully for those looking to getting a loan for Chicagoland new homes, the Equifax Finance Blog has a new article about how the three different agencies affect you, “

Why Do I Have Three Different Credit Scores?

For instance, if you are paying off debt to raise your credit score with the hopes of getting a larger loan or a more favorable interest rate, the speed at which the changes go into your report may be different for each agency. This may also vary in the times that your creditors report information to the agencies. Sometimes, information is not sent to all three agencies. While Equifax updates your credit report daily, they may only receive updates from credit card companies and other creditors monthly.

In addition, each agency has their own formula for determining your score. Each formula is similar; though, so if you have good credit with one, you should have good credit with all three. If you don’t, there’s likely been some mistake.

For more information about strengthening your credit and protecting yourself from

identity theft, check the Equifax Finance Blog.

About The Author

Read All Stories By Mitch Levinson

Mitch Levinson is the author of “Internet Marketing: The Key to Increased New Home Sales” published by BuilderBooks. He is an Internet marketing expert with expertise in search engine optimization, website development, email marketing, social media and CRM consulting services. He is known for creating effective programs that can be tracked through analytics to prove effectiveness and ROI. Mitch is founder and president of MLC New Home Marketing and MLC FlatFee Realty, as well as managing partner of mRELEVANCE, LLC, a Marketing, Communication, Interactive agency with offices in Chicago and Atlanta. He currently leads the Chicago team. A Multi-Million Dollar Sales Producer who earned an MBA in Computer Information Systems and eCommerce, he brings a unique perspective and experience to the field of real estate communications. Mitch combines the two interests in order to help home builders and developers gain a competitive advantage through the Internet and technology. When he isn’t behind a computer, he enjoys participating in sports and coaching his kids’ teams. Mitch resides in Arlington Heights, Ill., a northwest suburb of Chicago, with his family, which includes two rambunctious labs. Visit my Google+ profile.

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