What scores Wells Fargo is using

[mmmlive1999]

Hi All,

I talked with a Wells Fargo mortgage consultant today to gather some pre-application information, and the scoring models they use currently are :

EQ Beacon 5.0 ( this is the one on Myfico)

TU 0.4 ( this is not the Walmart Fico)

Experian V2

I was thinking about getting this scoring model information for some of the big banks and making a list. Would anyone like to see something like that ?

Edit 9/6/2013  to correct Walmart Fico isTU 08

[liandur]

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@mmmlive1999 wrote:

Hi All,

I talked with a Wells Fargo mortgage consultant today to gather some pre-application information, and the scoring models they use currently are :

EQ Beacon 5.0 ( this is the one on Myfico)

TU 0.4 ( this is the Walmart Fico)

Experian V2

I was thinking about getting this scoring model information for some of the big banks and making a list. Would anyone like to see something like that ?

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Definitely interested!! Will watch!

[azguy13]

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@mmmlive1999 wrote:

Hi All,

I talked with a Wells Fargo mortgage consultant today to gather some pre-application information, and the scoring models they use currently are :

EQ Beacon 5.0 ( this is the one on Myfico)

TU 0.4 ( this is the Walmart Fico)

Experian V2

I was thinking about getting this scoring model information for some of the big banks and making a list. Would anyone like to see something like that ?

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Absolutely! It would be VERY appreciated

[DallasLoanGuy]

FYI

I pull my reports thru Kroll Factual Data

They use:

Exp  V2

Eq  Beacon 5

TU Classic 04

I am sure that all lenders using Factual Data use the same.

I got a report from a client today.... their old lender pulled thru 'Credit Information Systems'

they used the same models on their report.

I work for a Mortgage Banking Firm in Dallas. Factual Data is a very popular service provider.

I would be interested to see if any 'Banks' or credit unions use something different.

I would think not since we all sell to Fannie/Freddie.......

[mmmlive1999]

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@DallasLoanGuy wrote:

FYI

I pull my reports thru Kroll Factual Data

They use:

Exp  V2

Eq  Beacon 5

TU Classic 04

I am sure that all lenders using Factual Data use the same.

I got a report from a client today.... their old lender pulled thru 'Credit Information Systems'

they used the same models on their report.

I work for a Mortgage Banking Firm in Dallas. Factual Data is a very popular service provider.

I would be interested to see if any 'Banks' or credit unions use something different.

I would think not since we all sell to Fannie/Freddie.......

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Thanks for the Fannie/Freddie insight, I did not think about that.

The Wells Fargo guy said they used CREDO.

I will check out a few others and if there is something different I'll post!

[pizzadude]

I believe that almost all mortgage lenders use the FICO04 model, which is what you described.

[Genkeim]

I think our lender pulled from Innovis? I have the paperwork at home, will it say on it what model is used?

[RJA]

Two different lenders I went through pulled from these agencies - both of which are in Sacramento, CA.

Credco:  Equifax:  Beacon 5.0   Experian: Fico II  TransUnion:  Fico Classic 04

Credit Plus:  Equifax:  Beacon 5.0   Experian: Fico II  TransUnion:  Fico Classic 04

[RJA]

I believe the Walmart TransUnion score is Fico Classic 08 (TU08) not the Fico Classic 04 (TU04). 

[mmmlive1999]

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@RJA wrote:

I believe the Walmart TransUnion score is Fico Classic 08 (TU08) not the Fico Classic 04 (TU04). 

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Oops Thanks for catching that I will edit the post!