LendingTree has partnered with TransUnion® and through its relationship with VantageScore 3.0© it is able to provide your credit score for free. Credit Scoring is not precise and your score will differ from those provided by the three credit bureaus and FICO®. Your VantageScore© is determined by granular data fields that when taken together determine your overall score. For more information you can visit www.VantageScore.com.
LendingTree currently identifies credit score bands as follows in most but not all of its forms, but may from time-to-time update the same:
Excellent – 720 or higher
Good – 680 through 719
Fair – 640 – 679
Poor – 639 or less
LendingTree cannot guarantee the accuracy of the score or the items utilized from your credit report. Lenders may use FICO, or a Tri-Merge credit score that may be different from your Vantage Score 3.0. Your Free Credit Score is not passed to any lender, each lender uses its own underwriting and business practices to determine your credit score. Any questions or concerns regarding your score and/or credit data should be directed to TransUnion at 1-866-922-2100 or https://dispute.transunion.com.
While there are numerous factors that can impact an individual’s credit score, your personal score page provides you with six factors that may be impacting your overall credit score. It is these factors that create your VantageScore®:
VantageScore® is based primarily on a 24-month review of your credit report. Your credit report has information – such as your history of payment punctuality, the total amount of your available credit, the total amount and type of debt you have, the number of open and active accounts, and the longevity of your relationships with creditors all of which impact your overall score. Your score may vary by bureau and that provided by FICO®.
Average savings of $325 for My LendingTree users – Disclosure current as of January 30, 2017.
All Factoids that scroll across the bottom of the screen are provided from various sources and updated on a regular basis, no less than annually. Some items may also appear in online marketing materials and/or offline such as TV and radio.
Current Factoids indicate that the average credit score is 681, such information was obtained from based on several years of data compiled from reports based on FICO scores at the time of origination and that may not be indicative of the borrowers' credit worthiness at December 31, 2013. FICO scores can range between 300 and 850 points. Freddie Mac delivered a presentation in September 2014 at http://www.freddiemac.com/investors/pdffiles/investor-presentation.pdf (page 37) that provided the following information regarding average credit scores for total purchases of single family homes over the following years:
2009 – Average Score 756
2010 – Average Score 755
2011 – Average Score 755
2012 – Average Score 756
2013 – Average Score 749
2014 – Average Score 747 (YTD September 2014)
The Average VantageScore® 3.0 is 681 and the full range of scores are 300 to 850. Individuals with lower scores are seen as a higher risk by creditors. http://www.experian.com/live-credit-smart/state-of-credit-2013.html
Factoid regarding 58% of Americans not knowing their credit score can be found at: http://www.prnewswire.com/news-releases/halloween-fright-most-consumers-dont-know-their-credit-score-229270961.html as well another interesting fact at http://guides.wsj.com/personal-finance/credit/how-to-monitor-your-credit-score-and-credit-report/. The article went on to say that higher credit scores generally equate to lower interest rates. In 2007, the national average FICO score was 723 and 58% of Americans have a higher score than 700, according to Fair Isaac.
Getting your Credit Score through LendingTree is done by what is deemed a "soft inquiry" of credit and it does not impact your credit score. It is the same as you looking at your credit score and/or obtaining your full annual Free Credit Report available at www.AnnualCreditReport.com or by calling 877-322-8228.
Average U.S. credit card debt of $7,087 can be found at: http://www.nerdwallet.com/blog/credit-card-data/average-credit-card-debt-household/. In addition, most of that debt had been carried for at least two years. In addition see http://www.prweb.com/releases/2014/04/prweb11753416.htm.
Using more than 80% of your available credit may result in a lower credit score factoid can be found at: http://www.creditreport.org/good-credit-score/
While LendingTree does use your free credit score and/or consumer reports (sometimes called “credit reports”) to provide you with information and opportunities regarding your current credit situation, This inquiry performed by LendingTree is a soft inquiry and does not impact your credit score. Not all lenders will use your Social Security Number (SSN) if you provide it in this or other forms. LendingTree DOES NOT offer, extend or alter credit. LendingTree DOES NOT originate or fund any loans or products it markets. Rather it has a Network of Lenders for you to shop and compare such products.
LendingTree DOES NOT make credit decisions and is not a Lender. You may choose to speak with a lender and/or fill out one of their formal applications, it is at that time you can be offered, or obtain an extension of credit. If you choose to go through the formal application process with a lender you will be asked to authorize a "hard inquiry" on your credit, because LendingTree does not share or transmit your credit score or credit report data with any Lender on its Network.
Your Free Credit Score service is for you to have more control over your own financial situation. However, you should note that if you fill out an Auto or Personal loan form on LendingTree's Website that when you hit the "Submit" button you are consenting, acknowledging and agreeing for the lenders with whom you are matched to perform a hard inquiry of credit that may impact your credit score. However, shopping and comparing the same product will be treated generally as one inquiry within 45 days of shopping for the same. The Lender(s) you choose, NOT LendingTree, will provide you with formal Credit Score and/or Credit Report Disclosures. THIS NOTICE IS REQUIRED BY LAW. Read more at FTC.GOV. You have the right to a free annual credit report from AnnualCreditReport.com or 877-322-8228, the ONLY authorized source under federal law. LendingTree offer of Free Credit Score will last as long as LendingTree can lawfully provide the same. Should at any point in time the free service cease, consumers will be notified that the service is ending.
Your credit data does not contain your current interest rate. A calculation is performed to try to determine your interest rate using date of opening, loan amount and minimum payment. That rate is then compared to data obtained from consumer match offers for the last 30 days which are then compared to your credit report data based on similarly situated consumers (i.e. same credit score band, same band of amount due and owing, same or similar line of credit). For example, if you have a credit score of 720 and opened a mortgage in 2013 and have a balance of $225,000 and it appears that you may have an interest rate of 6.3%,(will default to the assumption that you have a 30 year fixed mortgage as that information is not known with 100% certainty) the calculator will find a similarly situated consumer who sought a 30 year fixed mortgage with a 720 credit and seeking a $225,000 loan with an estimated loan-to-value (LTV) of 80% or better received mortgage offers at 4.25% an estimated savings calculation will be prepared for monthly estimated savings you may be able to realize. However, these are estimations only and are not guarantees of actual savings. If you place in your actual interest rate using the calculator, you will return more accurate results and be able to review what other similarly situated LendingTree consumers.
Only a lender with whom you provide all of your information in a formal application can tell you what the net tangible benefit will be by refinancing your loan. The calculator is done simply to assist you in seeing what other consumers, similarly situated to you received back as offers and at what rates they received the same. LendingTree cannot warrant or guarantee any estimated interest rate comparison will be what you are offered by its Network of Lenders. Rates change daily, subject to lender verification and lender terms and conditions.