With the advent of new companies offering to provide a free credit score, consumers may believe that the credit score they receive for free is the same score lenders use when deciding whether or not to issue credit. However, many free scores are not the FICO scores that lenders request. Consumers can purchase their FICO scores from Equifax and TransUnion—but not Experian—on MyFico.com for $15.95 each.

Even then however, the score may differ slightly from the one lenders use. While higher FICO scores do open doors to borrowers for lower rates and more favorable loan terms, a score of 800 or more does not necessarily make the consumer more attractive to lenders. Every 20 points on a credit score can mean a slightly lower mortgage rate or better car loan, but only up to the mid-700s. So consumers whose scores are in the 600s or low 700s have plenty of room for score fluctuation.

• A Down Payment Anomaly - Despite home buyers being advised to issue down payments of at least 20 percent, many home buyers are finding that smaller down payments result in better interest rates—but also higher payments. Read More
• Obama’s mortgage relief program growing - The Obama administration’s $50 billion mortgage relief program is finally picking up speed after a sluggish and disappointing start: Nearly one in five eligible homeowners has been offered help so far, the Treasury Dept. said Wednesday. Read More
• Home price increases depend on foreclosure sales - Where will home prices head this fall? It depends, in large part, on how many more foreclosures are made available for sale, as a new study by LP Applied Analytics, a real-estate research firm, makes clear. Read More
• Housing market may be nearing equilibrium - latest price numbers indicate Nationwide, the average price of both new and existing homes sold in the second quarter fell 1percent from the same quarter a year ago, according to the latest government figures. - Nationwide, the average price of both new and existing homes sold in the second quarter fell 1percent from the same quarter a year ago, according to the latest government figures. Read More
• Beware of foreclosure prevention scams Read More
• Home price increases depend on foreclosure sales Read More
• New normal for home sales: Buyers have the power Read More