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Credit Report Options

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Anyone who has applied for a home loan probably has some familiarity with the importance of having a strong FICO score.  FICO stands for Fair Isaac Company.  There are three major bureaus that provide credit information (Experian, Equifax and TransUnion).  These bureaus got together and created a competing score called the VantageScore. CreditKarma explained, “The VantageScore offers additional features, such as predictive scoring and a 24-month review of credit history, that the classic FICO model doesn’t incorporate.” For a comparison of the Vantage Score to the FICO score, click here.

This new score has a different scale.  Experian, Equifax and TransUnion used a score that ranged from 300 to 850.  This new VantageScore has a range from 501 to 990.  This has led to some confusion as to how these scores compare.  Lenders usually charge consumers to check their credit. They obtain the three scores from the major bureaus and generally use the middle score to base the lending rate that they offer the borrower.  Some lenders have begun to use the VantageScore.  For more information see:  What Credit Scores to Mortgage Lenders Use?

Borrowers may want to obtain their score in order to repair any issues prior to applying for a loan. This can cost them around $20 if they want to receive a full Equifax or TransUnion score.  Experian does not offer reports to consumers.

There are some other free options for credit reports.  These include:

CreditKarma.com – Offers a TransUnion Transrisk and Vantage Score report.

CreditSesame.com – Offers Experian National Equivalency Score

Credit.com – Offers Vantage Score

While many sites offer different reporting options like these, they may not show exactly the same scores that the lender will obtain when they receive all three major bureau reports.  Consumers, who apply for a loan and have paid to have their credit checked, can ask for a copy of their credit report from their lender.

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Using Giant QR Codes on Cars to Promote Business

 

QR codes may offer sales people a new way to advertise.  Real estate agents are known to put company and contact information on cars as a form of advertisement.  Agents have even begun using QR codes on the “for sale” signs. Interested buyers can scan information about the home instantaneously into his or her cell phone.

Now that QR codes are on just about everything, why not make them into a magnetic attachment for an automobile?  Chevy has already used QR codes on automobiles to promote car sales. “The vehicles are currently undergoing Southern California road testing, so the displayed QR codes will allow consumers to get a closer look at this vehicle even before it is available for sale.”

 

How big can a QR code be?  Check out the 10,000 square foot QR code made that can be viewed from 2 miles up in the sky.

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Ask Dr. Diane: Do You Have A Question?

I have dedicated  a section of my blog to answering questions about the topics I cover in my books.  If you have a question about online learning, personalities in the workforce, how to get a job or reinvent your career, personal finance, social media or any of the other topics I cover here, please  email me at diane@drdianehamilton.com and I’ll be happy to post it here with my response.