07-01-2013 01:27 PM
My husband and I applied for refinancing through Third Federal (now with Wells) due to the promise of a 2.75 percent interest rate on a 10-year-loan. We both have excellent credit history with scores above 750 in all bureaus. I sold my home in February (which I kept empty after marrying 4 years ago) after a nine-year-mortgage and unblemished payment history. We both have long excellent credit and have been in our professional jobs for over 10 years. To my surprise, the bank came back with a denial saying that I had a 694 credit score from Trans Union. We have Life-Lock and they update the Trans Union scores monthly...so I immediately checked and there it was a 750 score from just 2 weeks ago. I called the bank and they told me that the score came directly from Trans Union. I called Trans Union and they said that they only sent a credit report and that the bank must have used their own calculations to arrive at that score. The bank denies it and keeps sending me back to Trans Union. The only blemish on my reports is a 50 dollar medical bill from 2 years ago. It was a co-payment and it was reported in error as I just checked my financial archives and it was paid for on the day of service. I checked my FICO scores on all 3 bureaus and they range from 760 to 776. Why is the bank still telling me that they got 694 out of Trans Union? Apparently, they only used Trans Union even though I see that they requested reports from all 3 bureaus. I know that there are various way of computing a score but it should not account for an 82 point discrepancy. I am beginning to feel that the bank is doing a bait and switch or is discriminating against us due to our Hispanic surnames. What are my resources? Am I entitled to see the hard copy of how they obtained the credit score? Thank you in advance for any feedback!
07-01-2013 02:00 PM
07-01-2013 02:08 PM
Thanks for your reply. I did ask them how they determined the score and they keep telling me that the score was given to them by Trans Union...that it was Trans Union score and not their own scoring. Trans Union of course denies it.
07-01-2013 02:31 PM
If they have denied you credit, then they are required to present you with written reasons, which should include the score they used and the CRA from which they obtained it.
07-01-2013 02:39 PM
Thank you. I am looking at the "Statement for Credit Denial" and the "Risk-Based Pricing Notice-Alternate for Residential Real Property" which were enclosed in letter. It says "Your Credit Score: 694 Date: 6-25-13 Source: Trans Union. There is nothing else related to the source or equation. Both pages credit only Trans Union as the source.
07-01-2013 05:14 PM
07-02-2013 09:08 AM
Yes. It says "Scores range from a low of 309 to a high of 839."
This score would very likely be the Transunion FICO Risk Score, Classic 04 (formerly called Empirica).
The Transunion score sold here at MyFICO is an older version, FICO 98.
07-02-2013 09:10 AM
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.