Having a clear overview of your credit score has become important more than ever.
After the mortgage crisis in the early 2000’s, everyone has become much more aware of the fragile nature of the economy.
People started to concern themselves with a lot more aspects of personal finances, and have even become more involved in the way they manage their money. If the economic crisis has brought anything good, it is that people (especially young people) got more invested in what it means to be responsible with one’s credit score.
Web services like Quizzle have emerged to help young people and created a way for them to manage their personal finances in a way that wasn’t possible 10-15 years ago.
With the new technology we have in the form of smartphones and Wi-Fi internet connections, not being informed about virtually any topic has become almost impossible.
New technology isn’t always tied to efficiency and positive things in life (just think about the hours lost on the internet while procrastinating). However, apps and sites like Quizzle are one of the bright examples how new technology can and should be utilized to make our lives easier.
That’s why we’re taking a closer look at some of the aspects of this website and the way it can help you to manage and monitor your credit score in a better way.
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What is Quizzle?
First and foremost, Quizzle is a free credit score and credit report service website that helps you organize all the reports and statistics tied to your personal financial life. The site operates with its own credit score calculation, which means that the FICO score most banks and loan services use to determine your credit worthiness is not a part of the Quizzle calculation algorithm.
However, before you back down on giving this online service a shot, you must know that no credit service has access to the algorithm of the FICO credit score calculation.
This algorithm is secret and all other services of this nature operate based on the information you provide. After calculating your credit score, Quizzle will give you an estimated value of your CE score. This number is usually 50-80 points off from your FICO score. This is due to the fact that the CE score uses a different formula than the FICO score system.
Why use Quizzle if it uses a different credit score system?
That’s the main question we wanted answered when we started to notice Quizzle in the credit score service market. All other similar services are aiming to simulate the FICO credit score, being off a few points from it. Quizzle, on the other hand, swims against the stream. They know that they cannot aim for accuracy in terms of FICO credit scores, so they have their own CE score they base their advice on.
This may seem counterproductive at first, but if you think about it, it’s more important to get good service regarding bettering your credit score, than what unit of measurement it is shown in. For example, let’s say I have a FICO score of 800 and a start using Quizzle and their CE score.
My CE score is 750, 50 points less than the FICO score. If I now get to work on increasing my credit score based on the analysis and reports Quizzle has given me and I better my CE score from 750 to 760, this means that my FICO score is also improving. It doesn’t matter what unit you use to measure your credit score, as long as it is an indicator of improvement.
Quizzle gets with the times
Another big plus this credit score service has with younger customers is their openness towards using new technology. Mobile alerts and email notifications are included in their free service, making your credit score not a thing to be burdened by all at once, rather than giving you an update every now and then on what you can do to make small improvements.
This model of constantly giving you updates makes it much easier for customers to start seeing their credit score and financial monitoring not as a hassle, but rather anintegrated part of their daily life.
Quizzle is a handsome credit score service that aims at implementing new technologies into the sometimes confusing world of credit score reports. It is listed among recommended free credit score websites on Cafe Credit. Many people are using this service everyday and users are generally happy.
The service knows its customer base very well and provides great tools for improving your credit score whenever possible.However, the CE score system they use might not be something everyone wants to get behind. Some alternatives to Quizzle.com include Credit Karma and Credit Sesame.
Although it’s not something that has an impact on the way you can improve your credit score, it is a bit awkward not seeing your credit score represented in the FICO credit score number most banks and loan agencies use.