Lenders creating own scoring systems

August 5, 2008 7:38:58 PM PDT
It can cost between $15 and $50 to get your credit score from any of the three major credit bureaus. But you may be spending money on something that has no bearing on whether or not you getting a loan approved.

Consumer Reports says that many lenders are coming up with their own credit scoring systems - and those scores are not disclosed or sold to consumers.

So what should you do?

The advice does not change. Pay down your maxed out credit cards, apy your bills on time and monitor your credit report every six months for errors.

You can get credit reports free at annualcreditreport.com.