Let's first make sure we know step by step what happened. I'll recap what I think you did -- can you review it and let me know if I have it right? (I will also have a few more questions.)
One month ago you applied for a mortgage loan.
* At this point you were still very early in the home buying process -- looking perhaps for a pre-qualification or a pre-approval. Is that right?
* What is the name of the lender that you used?
As part of the application, the lender pulled your credit reports and scores at all three bureaus, and showed you this 3-bureau report. And somewhere on that report you saw the word CreditXpert Is that all correct as well?
* Did the lender give you your own copy of this report?
* If so, do you still have it?
On that report there were your three scores. Please look carefully and tell me whether there was any language that might have said what kind of scores they were. You want to see if any of this language might have appeared:
Experian FICO Score 2 (also known as EX-98 or Risk Model v2)
Transunion FICO Score 4 (also known as TU-04 or Transunion FICO Risk Score Classic 04)
Equifax FICO Score 5 (also known as EQ-04 or Beacon 5).
If so, then they were the standard FICO mortgage scores that virtually all mortgage lenders use. In this event the scores did not use the "CreditXpert" model, even though that word might have been on the report. When looking for the FICO language (above) you might have to look in the fine print or footnotes.
Here is what most likely happened. CreditXpert is a company. Their name is CreditXpert , Inc. They make a whole suite of tools and their customers are lenders. The tools help the lender do a lot of different things. So the word "CreditXpert" was on the report (I am guessing) because the lender was using the services of that company to help it make decisions. Here is a web page that describes the company and its products. You will see that it is all geared towards lenders:
https://www.creditxpert.com/index.html
The big product suite that CrediXpert sells lenders also probably pulls your FICO mortgage scores for that lender.
The same company makes its own scoring model, also called CreditXpert. It's been around for a long time. It is part of sites like PrivacyGuard. But that scoring model is not actually used by lenders. Here is some language from the Privacy Guard web site:
Your CreditXpert® Scores™ are provided by CreditXpert Inc. Although these scores are not used by lenders to evaluate your credit, they are intended to reflect common credit scoring practices and are designed to help you understand your credit. Your scores are based on information from the files at the three major credit reporting agencies. Your scores may not be identical or similar to scores you receive directly from those agencies or from other sources.
So that's I think what happened. The scores you see from Privacy Guard are worthless. Even though the word CreditXpert was on the 3B report you saw from the lender, the scores they gave you were FICO mortgage scores. Go through my overview and answer the questions I ask you, and that should tell you for sure.
