If you’ve ever checked your credit score, you’ve likely noticed that it varies by source. And for a good reason: not all credit bureaus have the same information on file to calculate your credit score. Plus, some lenders and creditors use variations of credit-scoring models to determine your score.
So, if you’ve used the company Credit Sesame to view your score, you may be wondering if it’s accurate. Read on to learn more about the benefits of the online platform and if you can rely on the free service providing your free credit score found on the dashboard.
Check your credit report and FICO credit score, understand, manage, and improve your credit and protect your personal information.
The Credit Pros will help improve your credit score by removing inaccurate credit information from your consumer credit reports.
You’re more than just your credit score. With Grain, it’s possible to access a revolving line of credit based solely on your cash flow.
Benefits of Monitoring Your Credit Scores
If you haven’t quite decided if credit monitoring is worthwhile, here are some key advantages to be mindful of:
- You can keep tabs on your credit profile at all times.
- You can stay on top of your credit health and identity actions that potentially lower your credit score.
- You can quickly detect errors or fraudulent activity and resolve any issues promptly on your credit report.
- You can possibly save yourself a ton of time and headaches if your identity is compromised.
You can test-drive Credit Sesame’s free credit monitoring service and get real-time alerts any time changes are made to your credit profile.
The Different Credit Scores and How They Are Calculated?
There are two primary types of credit scoring models – FICO and VantageScore.
FICO scores are used by 90 percent of lenders and creditors to make lending decisions. Here’s how they’re calculated:
- Payment history – 35 percent
- Amounts owed – 30 percent
- Length of credit history – 15 percent
- Credit mix – 10 percent
- New credit – 10 percent
VantageScores, which aren’t as popular amongst lenders and creditors, have a slightly different formula:
- Total credit usage, available credit and outstanding balances – Highly influential
- Credit experience and mix – Highly influential
- Payment history – Moderately influential
- Credit age – Less influential
- New accounts – Less influential
What Credit Scores Do Lenders Use?
As mentioned earlier, most lenders use FICO scores. However, not all scores are the same as different lenders use variations of the model. There are also industry-specific scores to be mindful of, as listed below:
- Most widely used (Experian): FICO Scores 8 and 9
- Most widely used (Equifax): FICO Scores 8 and 9
- Most widely used (TransUnion): FICO Scores 8 and 9
- Auto lending scores (Experian): FICO Auto Scores 2, 8 and 9
- Auto lending scores (Equifax): FICO Auto Scores 5, 8 and 9
- Auto lending scores (TransUnion): FICO Auto Scores 4, 8 and 9
- Credit card scores (Experian): FICO Bankcard Scores 2, 8 and 9; FICO Score 3
- Credit card scores (Equifax): FICO Bankcard Scores 5, 8 and 9
- Credit card scores (TransUnion): FICO Bankcard Scores 4, 8 and 9
- Mortgage scores (Experian): FICO Score 2
- Mortgage scores (Equifax): FICO Score 5
- Mortgage scores (TransUnion): FICO Score 4
Check your credit report and FICO credit score, understand, manage, and improve your credit and protect your personal information.
The Credit Pros will help improve your credit score by removing inaccurate credit information from your consumer credit reports.
You’re more than just your credit score. With Grain, it’s possible to access a revolving line of credit based solely on your cash flow.
What Credit Score Does Credit Sesame Use?
Credit Sesame provides free daily TransUnion credit score updates.
Can Credit Sesame Hurt Your Credit Score?
You won’t damage your credit score by signing up for a Credit Sesame account. However, applying for one of the recommended products on the platform could result in a hard inquiry. Each time a hard inquiry is generated, your credit score could drop by a few points.
How to Sign Up for Credit Sesame to Get Your Credit Score
It’s easy to sign up for Credit Sesame and only takes a minute or so of your time. Simply download the mobile app or sign up on the website to get started.
Credit Sesame’s free membership includes:
- Credit score updates and report cards
- Credit score monitoring and real-time alerts
- Home value estimates
- Personalized product recommendations
- Access to the Credit Sesame mobile app on Android and iOS devices
- Sesame Cash (to help you save money and earn rewards while building your credit)
You can also opt for a paid offering. Here are your options:
- Advanced Credit Plan: includes daily one bureau credit score updates, and monthly three credit score updates and reports (Cost: $9.95 per month)
- Pro Credit Plan: includes daily one bureau credit score updates, monthly three credit score updates and reports, three-bureau credit monitoring with real-time alerts, and 24/7 assistance from live experts to address and resolve issues in your credit profile (Cost: $15.95 per month)
- Platinum Protection Plan: includes daily one bureau credit score updates, monthly three credit score updates and reports, three-bureau credit monitoring with real-time alerts, 24/7 assistance from live experts to address and resolve issues in your credit profile, lost wallet protection, Social Security number monitoring, public records monitoring and black market website monitoring (Cost: $19.95 per month)
Take the first step towards improving your credit health and meeting your financial goals by joining Credit Sesame today by visiting the website or downloading the Credit Sesame mobile app.
