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@cwwatts1202 wrote:
I understand mortgage lenders use your mid score, can some one please explain what that means? Also, I know you can't buy experians credit score, but my score on experians website is 606. Why would they even bother to post a score on their website if it isn't accurate? And does anyone know how close to the actual fico the score on experians website is? Thanks!
Lenders will pull all 3 reports and corresponding FICO scores. Let's say your 3 scores are 650, 670, and 750, then your mid-score is 670 and is used as a basis for your interest for some mortgage products and other items like PMI.
EX's FAKO is not accurate in relation to FICO. They sell it because they make $$$$ on it. They make money because there are many uneducated folks out there that assume that all scores are FICO scores, not realizing that it's a FAKO and can be off by 20-50-100+ points.
@llecs wrote:
@cwwatts1202 wrote:
I understand mortgage lenders use your mid score, can some one please explain what that means? Also, I know you can't buy experians credit score, but my score on experians website is 606. Why would they even bother to post a score on their website if it isn't accurate? And does anyone know how close to the actual fico the score on experians website is? Thanks!
Lenders will pull all 3 reports and corresponding FICO scores. Let's say your 3 scores are 650, 670, and 750, then your mid-score is 670 and is used as a basis for your interest for some mortgage products and other items like PMI.
EX's FAKO is not accurate in relation to FICO. They sell it because they make $$$$ on it. They make money because there are many uneducated folks out there that assume that all scores are FICO scores, not realizing that it's a FAKO and can be off by 20-50-100+ points.
While the exact versions of Fico scores may vary (for example most mortgage lenders use a newer version of the Transunion score than we can get here), if you have access to two of the scores you know the minimum and maximum your mid score can be.