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I just applied for a mortgage and to my surprise, I found out that the Lender uses CreditXpert and not FICO. Good for me because my scores are higher. Oh, I applied with ifreedomdirect it is a Va loan.
Interesting. I did see one other poster contend that their lender used CreditXpert too. This was about a year ago or so. Out of curiosity, I did call them this morning after seeing FICO referenced on their website. The CSR didn't know though.
I am not sure if they did both, but for sure he said CreditExpert. He did a simulation with them as well and stated, "that my score would increase by 40 points if I cut down my utilization down" because my cards were 90% maxed.
I always thought creditxpert was just a program that gives an analysis of FICO score. So I think the scores you were given were FICOs. Also, this link shows what scores are accetable to Fannie. So I think it's safe to say, that if you're getting any kind of government loan, FICO scores will be used, to get you qualified.
ETA forgot to add link... http://www.creditscoring.com/creditscore/fico/versions/
You have an almost identical post in "Understanding FICO Scoring".
Creditxpert is a private company that provides some service to lenders - bigman023 post above about analysis of FICO scores sounds about right to me.
Creditexpert (note the "e") is a website for Experian where they provide consumer reports and a Plus Score. They acknowledge that NO lender uses the Plus Score.
It wouldn't surprise me that your mortgage rep doesn't know the difference.
I'll give OP the benefit of the doubt. I do remember seeing at least one tri-merge service that offered CreditXpert (ditto...not CreditExpert) scores as well as FICOs, whereby the lender could choose. I can't remember where I saw this at but I bet it was by googling CreditXpert scores for the CMS Guide. BTW, OP, CreditXpert scores go from 350-850 whereas Classic FICOs go from 300-850. Look for a score range. But not to put too much doubt, I do recall one post in here where the OP had CreditXpert scores pulled in the pre-approval process and FICOs pulled during the course of the loan. Lender trying to save $$$? I dunno.
BIGMAN,
as I stated earlier, I am not sure if they used FICO or not, but the LO did state that he used CreditXpert. From my research creditxpert per their website, take the mortgage credit report and revolutionizes how the credit is used. It takes the report and credi and creates its on anaylsis, score, and risk. So to say that my LO used FICO would not be correct. All I can go by is the one that is doing my packet. I guest your my Lender because you are telling me that FICO scores will be used, when I am telling you that this is not the case.
GregB,
Oh, really. Seriously, you should do a little bit more research because every lender can used whatevery they choose. There is no Federal Regulation that states a Lender cannot used its own scoring model. My application was approved from the information gathered from Crediixpert per my LO.
@YHWHUDAH wrote:GregB,
Oh, really. Seriously, you should do a little bit more research because every lender can used whatevery they choose. There is no Federal Regulation that states a Lender cannot used its own scoring model. My application was approved from the information gathered from Crediixpert per my LO.
I don't think Greg was saying it was impossible for your lender not to be using FICO scores. Just 99%+ of the lenders out there use FICO and it's next to impossible to find a lender who doesn't use it. We know that FAKOs can be used because I've heard of at least one lender using it, so it's possible.
And as pointed out, CreditXpert and CreditExpert are two different companies and two different FAKOs, with the latter that no lender in the world uses, or at least according to Experian. They said it was for marketing purposes only.
It's quite possible that CreditXpert put together the Tri-Merge report? Does it show the score ranges (that would be telling).
Yes, you are correct. I just found out that it did merge the three into one composite score. Therefore, I did'nt need the medium score method that most lenders go by to qualify. My scores were 639 TU, 603 Eq, and 612 Ex. The previous lender denied me because my medium score was not above 620. In fact, myfico was spot on with my TU and Eq. In response to your question, I don't know the range, but I do know that my score was a 620 on the dot per the LO.