Would you buy a credit score that lenders don’t even use? Check it, when Consumer Reports went over the the fine print, Experian’s “VantageScore” says that it’s “for educational purposes only.” And their “PLUSscore” is “not currently sold to lenders.” What good does that do you? None. It’s just something for them to market and make money money off people who don’t know any better.
FICO score isn’t the only credit score game in town. That’s good news for people who have low scores thanks to being an immigrant, divorcee, or don’t have the means to acquire the credit in the first place. It’s one of those quirks of the system. To get credit, you have to have a credit history. To get a credit history, you need to be able to get credit. Thusly, some people find themselves a bit stuck. To meet the needs of these these “thin credit file borrowers”, some alternatives to the standard FICO score are out there. Let’s look at three.