not-okThere are lots of websites that have sprung up in the past couple of years that offer free credit scores.

I recently assessed a client’s free score from one of these sites. There was hardly any useful information on it. The score was in the 200’s, so very low.

This indicated that there were more than three bad listings on the file. But the free score only had a number “1” next to defaults, which didn’t make sense.

There was also nothing on the free score that said who placed the default. And all the other important information was missing too – like the amount of the listing, whether it was paid or not, and the date of the listing.

I couldn’t advise the client on this basis. The information seemed all wrong. So I told them we needed a copy of their Veda credit file because that would give us the total picture. Unlike free credit scores, a Veda file includes all the information that a lender sees when they approve your loan, and all the information you need to work out how to fix your file.

As well, the information on the free credit score was wrong. The free credit score said the person had one default, but when we got the Veda file they had four defaults!

My summation: Let us get and assess your Veda credit file. Free credit scores are hopeless when it comes to getting an accurate picture of what is on your credit file, so you can fix it. So its best to avoid them completely.