09-12-2011 11:44 AM
I was told there was a difference between how credit is scored when pulling a consumer report (for example FreeScore.com etc) and when it is pulled by a mortgage company for a purchase or refinance loan. Can someone highlight the differences in how credit is scored or if there are tradelines that have more weight in a mortgage report?
09-12-2011 12:31 PM
Virtually all mortgage lenders currently use specific versions of real FICO scores. The Equifax FICO sold here is exactly the version used for your EQ score on a mortgage. The TU score sold here is one version previous to the version mortgage lenders use. You can't get the exact version of TU used by a mortgage lender anywhere. You can't get any version of a EX FICO anywhere except a few local credit unions, etc.
The scores as sold on freescore, etc are not real FICO scores of any kind and are not used by any lender. There are a few places that will sell you a Vantage Score, which is actually used by a tiny number of lenders - they claim 6% of the lenders. None of those are mortgage lenders so they are of very little interest to anybody. They are an excuse for the vendor to sell something to a person that doesn't know what a worthless product they are buying. The information contained in the reports is accurate. Just don't waste time even looking at the scores other than they are usually accurate within 200 points or so.