Does anyone know why when you order your own credit report from Experian, Equifax, Transunion, scores always differ (they are higher)to those ordered by mortgage companies and auto dilerships? I know they typically use Tribureaus repaort but still scores should be the same. I pulled mine but the service that I use and it showed 740, but the same bureau reported to my lender 784? Any ideas?
2006-11-25 12:27:15 · 4 answers · asked by Baby 2 in Business & Finance ➔ Credit
sorry , meant to say that scores are always lower when you get your own report, not higher.
2006-11-25 12:37:13 · update #1
Because you are purcahsing them from a reseller which has nothing to do with FICO (Fair Isaac & Company) scoring model.
There are roughly 900 different resellers and al;l the scores are different.
True FICO scores that mortgage companies use are calculated by FICO (also known as beacon for TransUnion, Empirica for Equifax and Fair Isaac risk model for Experian)
There is a new score (announced in March 2006) called the Vantage Score that will be taking over all three of the above referenced names for FICO and will range from 501-990
Also there is a new bureau called Innovis that essencially forced the other bureaus to develop the Vantage Score.
Here is a goos resource on FICO scores, read it!
http://www.expert-credit-advice.com/credit_score.htm
2006-11-25 12:44:15 · answer #1 · answered by Anonymous · 0⤊ 0⤋
I am a mortgage broker and do loans in every state with excellent rates. enough of that. The answer is a credit pull from a mortgage company uses a different formula and different criteria than a person pulling their own because it is harder to qualify for a mortgage than a credit card. this makes no sense to me but that is the answer I got from equifax when I asked them the same thing. I usually get asked that when i run someones credit when they ran it online themselves also. Hope this helped. Need a mortgage, call 800 835 5894 ext 142 mark. OK?
2006-11-25 13:32:03 · answer #2 · answered by bondman07052 1 · 0⤊ 1⤋
Just like a Microsoft Windows, the FICO score has different versions. It is expensive for companies to keep upgrading, so most don't.
2006-11-25 13:00:36 · answer #3 · answered by Mariposa 7 · 0⤊ 0⤋
Baby Your story? Very interesting......
★※★http://www.osoq.com/funstuff/extra/extra02.asp?strName=Baby
2006-11-25 12:46:49 · answer #4 · answered by moi p 1 · 0⤊ 2⤋