Recently, $23 million was paid to consumers by credit bureaus. It was alleged that organizations like TransUnion and Equifax had falsely represented the effectiveness of the scores they sold to the public, making it seem as if they were more useful than they actually were. The score that was being sold was the VantageScore.
This isn’t necessarily useless, but sites that Credit Karma also offer your VantageScore when you check them. It never really makes sense to pay for a credit score, and your score is different in different avenues. When it comes down to it, the range of your score is more important than the actual number.
Image via MyBankRate.
