Differing Credit Scores via Credco

Anonymous · ‎09-09-2009

Hi all,

I am somewhat freaking out becuase I'm int he middle of closing on a property and am hoping to get FHA financing. To do so, I need to have my middle score be 620 or greater. I pulled my Transunion and Equifax reports today and got a TU 632 and EQ 594. THese were good improvements, and right where I thought I needed to be.

My lender uses a company called Credco to pull a 'tri-merge' report with all three bureaus. Their report indicates that I have a TU 599, EQ 577 and EX 634. The bank has to go by the Credco scores, so I'm wondering if there's any way to get Credco to update my scores, or wondering if there is a possibility that the scores on this site are incorrect.

Any help would be greatly appreciated as I am in a bit of a time crunch and this totally took me by surprise. Thanks!

llecs · ‎09-09-2009

As of this July, at the least, First American CredCo pulled the same version of FICO scores as does myFICO.

Have to check....did you pull TU and EQ from myFICO?

When did your lender pull your scores? Scores can change daily.

You can always ask your LO to pull again. Wouldn't hurt.

One way to check on the source of CredCo's scores is to look on your tri-merge report. You'll see the version of FICO scores right on the report. EQ might say something like "EFX Beacon 5.0" or something like that or Emperica Classic Risk 98 or something like that for TU.

Anonymous · ‎09-10-2009

To answer your questions -

Lender pulled the scores 4 hours after I did.

Wouldn't pulling again hurt because of the inquiry?

I will check out the version of FICO scores. Never occured to me that they might differ, thanks!

creditwherecreditisdue · ‎09-10-2009

@Anonymous wrote:
To answer your questions -

Lender pulled the scores 4 hours after I did.

Wouldn't pulling again hurt because of the inquiry?

I will check out the version of FICO scores. Never occured to me that they might differ, thanks!

The pulls you make are soft INQ's and do not count in scoring. No one other than you can even see them.

Anonymous · ‎09-10-2009

The suggestions was to have the Loan Officer pull them again. It was my understanding this would ding my scores, and every point counts for me right now...

creditwherecreditisdue · ‎09-10-2009

@Anonymous wrote:
The suggestions was to have the Loan Officer pull them again. It was my understanding this would ding my scores, and every point counts for me right now...

That's a more complicated issue and depending on the timing could cost you points and will certainly cost you INQ's.

llecs · ‎09-10-2009

All mortgage and auto inquiries pulled within a 14 or 30 day window (depending on the CRA and the version of FICO score used) count as one single inquiry per FICO scoring. It is set up that way because it give you a chance to rate shop to get the best deal. If pulled within the past 2 weeks, then it certainly be worth the chance to show your lender higher scores and possibly get a better rate. Always consult with your LO first. He/she may have a way to eyeball or guesstimate based on changes to your CR and provide a lower rate that way.

creditwherecreditisdue · ‎09-10-2009

Complete information on INQ scoring may be found here:

http://www.myfico.com/CreditEducation/CreditInquiries.aspx

This is an important read.

Anonymous · ‎09-11-2009

It seems likely that the lender used a Credco report that utilized a TU'04 Fico model score. Credco offers a variety of options for their tri-merge reports. The lender can specify that a report include scores selected from a list that includes both TU Fico versions, two EX Fico versions, NextGen versions for all three CRAs, even Vantage scores ...

Anonymous · ‎09-06-2012

We are trying to refinance our two rental houses and my husband and I have always had very good credit, in fact our scores have always been very similar as we have the same accounts and I pay all the bills on time. Amerisave used Credco. my scores were over 730, but my husbands were, 740, 690, 642. Equifax reports his all over 720. A mortgage broker friend, not working in our state told us certain types of reports are ordered by mortgage brokers to add cost to loans resulting in higher commision.