My lendor uses Kroll instead of FICO scores.....

[Anonymous]

I'm in the process of finalizing my new home taht I am building (closing on 3/19/15) and when I was talking to my LO, he was telling me not to put too much stock into the scores I am getting with MyFICO and Credit Karma. His reasoning was that the scores that are shown on these sites and the ones he gets from Kroll Factual are so varied.

I've noticed that as well when I have even compared just my two scores from the two sites versus when I actually got my scores back from both my lendor and from a previous bank.

Why is there such a discrepency in the scores and how can we, as consumers, know which scores are going to be right WITHOUT having to pay money for a new report?

I thought these sites were there to help us; not have us spend money just so that we can monitor our credit.

The only scores I even gtrust right now are the ons from Kroll because they are very consistent.......

[Anonymous]

Aww, geeze-- just when I thought I was getting familiar with all the credit score stuff, a new player emerges from the sidelines! I must go google this 'Kroll' of which you speak. And yes, I feel like the creditors are playing keep away with us & the scores that really matter sometimes.

[StartingOver10]

Kroll Factual Data provides independant verification services for lenders. Here is a link to their site so you can read all about Kroll. They have been around for many, many years. They do not replace the FICO score at all.  https://www.krollfactualdata.com/about-us

[Anonymous]

Thanks, StartingOver10! I felt silly upon googling & seeing that they're just the world leader of risk and security consultancy. That's why I love this place-- you all give me the knowledge I need to take on the lofty goal of home-ownership.

[StartingOver10]

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@Anonymous wrote:
Thanks, StartingOver10! I felt silly upon googling & seeing that they're just the world leader of risk and security consultancy. That's why I love this place-- you all give me the knowledge I need to take on the lofty goal of home-ownership.

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Don't feel silly. It is a shame that the OPs loan officer didn't explain fully exactly what Kroll does - and that it actually uses FICO scores (because that's what Fannie and Freddie require)

It is just the Kroll is more comprehensive and checks and cross-checks more resources and places it in a single report for the lender to prevent fraud and that sort of thing as well as just providing credit reports and scores.

[Anonymous]

StartingOver10....Ive known about Kroll for over three years. My wife and I had our credit reports actually "santitized' (my word) to get rid of all irregularities.

Yes they do use a FICO score, version 5 I believe.

My complaint is that when consumers are on a site like this one, we aren't privy to the diferent scores; only the most common, the FICO v8.

That is misleading if you are applying for a mortgage as that score is definitely higher than what a mortgage lendor is looking at.

Prime example, my Equifax (middle score) on this iste is at 677. It actually dropped nine points because I had paid off a credit card. When I look at the report I purchased with the other scores, I see that the FICO 5 score is 27 points lower.

And while that doesn't deter me in getting the loan, the type of loan if that score is going to be used by the lendor is one with 15% down.

Compare that to an 80/10/10 loan I could get if the middle score was at 660 or higher using the FICO 5 model.

In order for me to get that type of loan, I would have to have a FICO 8 score of around 700.

And thus why I say there is way too much confusion in this arena.

[StartingOver10]

Your post is right for the most part.

In fact it is so right that MyFICO changed the scores they are reporting now.  Yes, the FICO 08 is still what you see in the reports, but if you get the 3 bureau report here http://www.myfico.com/Products/FICO-Score-3-Report-View/  the mortgage scores and auto enhanced scores for two of the 3 bureaus are now reported as of last week.

[frugalQ]

Myfico should highlight the enhancements to their products. Put in bold letters "YOU CAN NOW VIEW YOUR AUTO ENHANCED AND MORTGAGE SCORES" and have a banner scrolling at the top of their homepage.

By providing these scores, they are empowering people who are looking to make big credit purchases. Its a very big deal.

[StartingOver10]

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@frugalQ wrote:
Myfico should highlight the enhancements to their products. Put in bold letters "YOU CAN NOW VIEW YOUR AUTO ENHANCED AND MORTGAGE SCORES" and have a banner scrolling at the top of their homepage.

By providing these scores, they are empowering people who are looking to make big credit purchases. Its a very big deal.

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+1000

[DallasLoanGuy]

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@Anonymous wrote:

I'm in the process of finalizing my new home taht I am building (closing on 3/19/15) and when I was talking to my LO, he was telling me not to put too much stock into the scores I am getting with MyFICO and Credit Karma. His reasoning was that the scores that are shown on these sites and the ones he gets from Kroll Factual are so varied.

I've noticed that as well when I have even compared just my two scores from the two sites versus when I actually got my scores back from both my lendor and from a previous bank.

Why is there such a discrepency in the scores and how can we, as consumers, know which scores are going to be right WITHOUT having to pay money for a new report?

I thought these sites were there to help us; not have us spend money just so that we can monitor our credit. these sites are here to make money..... the people who post answers here in the forum are the ones here to help you

The only scores I even gtrust right now are the ons from Kroll because they are very consistent.......

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Kroll Factual Data pulls your report from each bureau and merges them into one report.... called a 'mortgage tri-merge' credit report. it is the industry standard format for mortgage loans. Kroll doesnt score anything themselves.... they just apply the fico score to your reports. Kroll is basically a third party service provider.

I have used Kroll

I have also used Credco and Advantage and another 3 or 4 companies over the last 11yrs in the biz.