Step Four: Getting Your Credit Score

Credit scores are NOT free, they cost about $15. By far the most widely used credit score is the FICO® credit score from Fair Isaac and Company.** But the three major CRAs want to have some of this business, so they have invented their own score, called by their own name ("the Equifax Score™"), or other names. Hummingbird recommends that you do not waste your money on a credit score other than the FICO® score because many lenders do not use the other scores; the FICO® score is the one that is almost universally used. The exact method of computing your score is a trade secret. You can order your score and learn more at www.myfico.com. Be aware that other "middle-man" companies offering credit scores may surcharge you for other items.

FICO® scores range from 350 to 850, the higher the better. A small difference in your credit score can make a HUGE difference in the amount you pay for a large loan like a mortgage.