Credit scores are used for everything from getting a mortgage to getting a job. Therefore, it makes sense to know what your credit score is. But how do you get it?
Apps that promise immediate access to your score are popular, but will they work? When investigating new Consumer Reports, you may need to think twice before clicking to get a score.
Credit score apps such as Credit Karma and Experian Credit Report promise immediate access to your credit score, along with other features such as score monitoring. It’s great until you dig a little deeper. According to Consumer Reports, five of these apps have significant drawbacks and some advantages.
Studies show that apps can pose a serious privacy risk, and worse, consumer surveys using apps may not even provide accurate credit scores. became.
Four of the five apps CR surveyed are for access to credit reports that are legally free for consumers, without providing access to the types of credit scores used by most lenders. I often charged users.
Some apps use VantageScore 3.0, but the value is limited because many lenders do not use VantageScore 3.0.
Consumer Reports policy analysts said consumers should have the legal right to get an accurate credit score for free, and there is a bill in Congress that requires it, but so far voting Is not planned.
Consumer Reports has submitted a petition to action.consumerreports.org, collecting 40,000 signatures and sending them to Congress, requesting that this issue be a little more difficult and a little faster.
Consumer Reports asked all five credit app companies about consumer privacy, data collection, and data sharing practices. Each took consumer privacy very seriously, saying that consumer trust is paramount to their business.
Remember that there is a way to get a credit score without using the Credit Score app. Check if you can access by bank or credit card. You can also check your weekly credit report for free at annualcreditreport.com.
Your credit report will affect your credit score, so review it regularly to immediately challenge your written mistakes.