Mortgage lender uses "Different" credit report?

[g0rdy]

I just got off the phone with a mortgage lender I was inquiring about a refi.

My credit scores from TU, EQ, EX are 636 632 578

When he pulled my credit report he said they were all under 540.. I said I'm looing right at the source and that's a 100 point lower he replied they use a "different" report.

Is this true?

Also, their inquiry cost me 9 points.

[MaRain]

Hi G0rdy, 

You might have better luck posting this question on the myFICO mortgage boards, IMO. 

it is my understanding that mortgage lenders use different scoring models based on FICO scores and could include the following:

Equifax - Beacon 5 (which should be the same score as here on myFICO

Experian - Fair Issac Score 2

Transunion - Classic 04

The scores that you have in front of you may have been what are called "Fakos" (meaning credit scores not provided by FICO). Currently only Equfax and Transunion allow consumers to get their FICO scores (EDIT-through myFICO and EQ through their website).  And even then, it is my understanding that those score may vary depending on the model that the lender uses. 

You should be able to ask your lender for, and receive, a copy of your scores/reports to compare them to what you have. You could also ask what scoring model was being used. 

[rose214]

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@MaRain wrote:

Hi G0rdy, 

You might have better luck posting this question on the myFICO mortgage boards, IMO. 

it is my understanding that mortgage lenders use different scoring models based on FICO scores and could include the following:

Equifax - Beacon 5 (which should be the same score as here on myFICO

Experian - Fair Issac Score 2

Transunion - Classic 04

The scores that you have in front of you may have been what are called "Fakos" (meaning credit scores not provided by FICO). Currently only Equfax and Transunion allow consumers to get their FICO scores. And even then, it is my understanding that those score may vary depending on the model that the lender uses. 

You should be able to ask your lender for, and receive, a copy of your scores/reports to compare them to what you have. You could also ask what scoring model was being used. 

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I also found out there's a TU --o8 version or a newer one than the 04 that the banks can use as well. My CU uses the new one and explained this to me yest when i was in there.

It's crazy how different all of them can be as well!!

[g0rdy]

Well, the scores I've received are from the Experian and TU website themselves.

The 100 point difference is what took me aback... as if the lender fabricated the numbers.

It's frustrating to not have full across the board access, and gives the customer the feeling their score is a moving target.

[guiness56]

The scores you got from the EX and TU websites are commonly referred to as FAKO scores.  Because they are not FICO.

The EQ FICO you get from myFICO and the EQ website (make sure it says FICO) should all be the same score.  They are Beacon 5 scores.

myFICO TU uses TU98 which is not used by many lenders anymore but it is used by some.  Most mortgage lenders use TU04 which is only available to lenders/creditors.

There are over 47 models/versions of FICO scores.  They will all be different because of the CRA and the factors used to make a score.

[llecs]

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@g0rdy wrote:

Well, the scores I've received are from the Experian and TU website themselves.

The 100 point difference is what took me aback... as if the lender fabricated the numbers.

It's frustrating to not have full across the board access, and gives the customer the feeling their score is a moving target.

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The scores from Experian.com are either VantageScores or PLUS scores depending on the product you purchase with it. Only a tiny number of lenders use Vantage. No lenders use the PLUS score at all.

The scores from TransUnion.com are VantageScores as well. The score range for Vantage is 501-990 vs. FICO's 300-850. That can account for most of that difference. Also Vantage factors in stuff that FICO does not and vice-versa.

Equifax.com also offers scores. They offer a FAKO called an "Equifax Credit Score". No lenders use that score and is pushed on most of their products, including via annualcreditreport.com. They do offer an Equifax FICO, but they don't really promote it all that much and you really have to dig around to find it. Again, their FAKO factors in stuff that FICO does not and vice-versa.

You're limited on the places to get your FICO score.

You can only buy your EQ FICO from myFICO, your lender, or from Equifax.com (buyer beware: the scores they push are a FAKO, but your EQ FICO can be purchased through EQ).

You can only buy your TU FICO from myFICO or your lender.

Finally, you can only buy your EX FICO from your lender as of now....but stay tuned...it'll be back on myFICO.com one day soon.

Aside from the above, you can also get your FICO scores for free or at a reduced price. Banks and CUs will offer it as a benefit. M&T Bank, Unitus Community Credit Union, and Digital Credit Union each offer an EQ FICO. You can get your TU FICO from Wal-Mart or Merrick Bank if you have CCs with them. And you can get your EX FICO from PA State Employees Credit Union (PSECU) if you have a checking account with them. There are other CUs out there that will offer a FICO if you ask them as part of a benefit for being a member.

ETA...I'm a slow typer.

[g0rdy]

Wow.

Utterly confusing and dissapointing.

So from the myFICO website , here, I can get accurate Exp and TU scores? It sucks spending money on the FAKO's... geesh what a scam

[guiness56]

Your EQ from here will be the same most lenders use.  The TU98 is still used by some but not a lot.  It is the only score you can purchase from TU though.  The rest of them are only through lenders/creditors.