To make money!
Most people don't realize the score they're buying isn't the same score a lender will see. The Equifax score here is the same model most mortgage lenders use, but the transunion model is not.
Look, the whole credit score industy is a joke. People get extended credit based on their credit file. Which is SOLD TO THEM by companies who claim they have no responsibility whatsoever to ensure that the product they are selling is even accurate.
in other words, Equifax offers a credit report to consumers and lenders...if you want it, you can buy it. But, the responsibility of ensuring the information being reported is accurate falls to the consumer...who is only entitled to one free report a year. Ridiculous.
Trust me...someone is going to come up with a better system and make a ton of money, because the way it's done now is hilariously incompetent.
People get loans for houses based in part on a credit score that may, or may not even be accurate because the information used to calculate the score may not be accurate. And we aren't going to tell people exactly how to get the best credit score, because that would reveal their formula and they might not make as much money if everyone else can copy. So, you won't tell me how to get the best credit score, you can just give me vague hints...suggestions...we have to figure out the rest, but that score, in part, is going to determine whether i'm worthy of buying a car or a home?
And you hear all these people say "It's not all about the credit score." Well, maybe not - but if you don't have qualifying scores, you don't get approved no matter how much money you make, or how much you have in reserves...or how well you've paid your bills in the past. All you can do is shake your head and play the game.
