Everyone who uses credit knows what a FICO score is, but have you heard of a FAKO score? 
 
FAKO scores are very similar to FICO stores in that they evaluate the creditworthiness of a person.  But the term FACO (or FAKO) is used to indicate that the scoring system is not a Fair Isaac Corp (FICO) score, but rather a non-Fair Isaac Corp score. 

In short, FAKO is a nickname that means fake FICO.  Unfortunately, thanks to creative marketing, when people receive a credit score, they often don't realize that the score they're looking at in a credit report is actually a FACO score, rather than a FICO score.

Here's what to look for, and how to tell if the credit score you receive is a legit FICO score, or a fake FACO score.

If you are deep in debt and your phone is ringing all day with calls from debt collectors and collection agencies, you are not alone. 

Thanks to the gas crisis, the housing crisis, and constantly rising food costs, a lot of people are dealing with debt collectors on a daily basis. 
 
If you're looking for some debt collection help, including tips for dealing with debt collectors who are harassing you, I've got some advice.  You see, I have been through all of this myself, so I know how to deal with recovering from debt and dealing with debt collectors.

Been there, done that!

Once you're in debt, it's difficult to get out of debt -- especially while protecting your credit score at the same time.

I happen to believe that it's worth it to let your credit score suffer a bit in order to dig yourself from under the weight of oppressive debt. It's best to worry about your credit score later. 

Here's why...

I have to admit it.  The company did an excellent job getting the URL into my head. 

I don’t know if it was the commercial of the guys in the car with “legs sticking the vinyl and his posse getting laughed at", or the guy in the restaurant “selling fish to tourists in
T-shirts", but they certainly got the message across. 

However, I started hearing reports that FreeCreditReport.com is not as free as the commercials say.  So I decided to investigate the claims for myself. 

Yesterday I saw a segment on NBC's Today Show which reminded me of my college days when I contemplated debt consolidation... or credit counseling... or even bankruptcy. 

This was Ivan's question for money expert Jean Chatzky:

I am a 21-year-old college student with a lot of debt. I owe $15,000 and the credit card companies don't stop harassing me because I can't even pay the minimums. My income barely covers those minimum payments. I attempted to consolidate my credit but backed out last minute due to all the articles I read. Someone told me my best bet was to file for bankruptcy. Any advice?"
 

Hearing Ivan's situation made me flash back to my own college days when I, too, was in debt up to my ears.

Jean Chatzky's recommendation for Ivan was basically to try credit counseling. Here's why, plus what to look for when you're trying to find a reputable credit counseling company...

I have seen an increased number of bankruptcy solicitations in my mailbox.  Actually, it has increased from nothing -- because I've never seen such solicitations before. It makes me wonder if someone knows something, I don't know about my financial status. 

My best guess for why I'm receiving all of these solicitations is because there may have been an increase in the number of bankruptcies filed in my area recently.  I know for a fact that there are 3 foreclosed homes in my subdivision. 

If you're like me, then you know that it's a good idea to request a copy of your credit report every year. Sometimes I do, sometimes I forget. Let this be a reminder to all... (I ordered mine today.)

A 2004 study by U.S. PIRG (Federation of State Public Interest Research Groups) found 25% of reports contained serious errors. If something's wrong, it's up to you to contact the bureau and clear it up.
Source: Good Housekeeping, July 2007

But did you know that it's actually possible to request three separate credit reports each and every year?

Wondering what the quickest & easiest way to do this is?

Here's what you need to know...