2 out of 3 agencies reported only?

Question

I recently tried to get preapproved for a mortgage. Only 2 of the 3 agencies reported anything. Of the 2 that reported, one was high, the other was very low.

Because there were only 2, the mortgage co. had to take the LOWEST score. Is this right?

Why the difference between the 2?
How do I get all 3 scores around the same?
Don't all 3 have to have the same info?

Answer 1

The mortgage company CHOSE to... each has its own way of figuring out your score, usually by looking at the FICO scores from all 3 credit bureaus.

I'm surprised that only 2 reported.

CHECK YOUR CREDIT REPORT and look for any inaccuracies. You can get copies of your credit report for free from the government by going to www.annualcreditreport.com (you can get all three reports once per year).

You can also get all 3 credit reports and scores by going to www.MyFico.com for about $50. I'd suggest getting the Suze Orman FICO kit to see what moves you should make next.

(1) The difference between the two is because not every place reports to all 3 bureaus. (2) You can't get all 3 scores to be about the same unless you get your credit reports to be about the same. (3) All three do NOT have the same info.

Even if the bureaus get the same info, they don't report it exactly the same. I'd suggest you to correct any incorrect information. A huge discrepancy between the two scores suggests that either the mortgage lender looked at one VantageScore and one FICO score or that there's vastly different information on your reports.

Some lenders will take the middle FICO score, some will average all three, some will take the lowest, and a few will take the highest. It truly depends on the lender. You'd be wise to wait until your information has been corrected and then shopping around and many places within a two week period of time (these will only count as one inquiry because the bureaus recognize that you're shopping around for a mortgage).

Best of luck.

Answer 2

All 3 credit bureaus might have the same information, but it's not necessary. A creditor might report something to 1 or 2 agencies, but not all 3 of them.

As for the credit score, it's never the same with the 3 bureaus. It could be close enough, but will never be the same.

There is only limited amount of information available on the credit scores are calculated, which is done on purpose by the company that administers the system that figures those numbers out. Even financial gurus sometimes don't know much about it.

Don't feel too bad. Just figure out what went wrong and how to correct it. You may choose to go with the mortgage company that you went to, negotiate with them (like buying interest points in advance), or go to another company for the mortgage.

Answer 3

To take your questions in order, 1. The difference between the two is most likely because they do not have the same information. 2. You cant. 3. See question 1.

It is not uncommon for there to be 100 points difference between the three credit bureaus. I look at credit all day and even if they have the same exact accounts, the scores will still not be the same.