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Established Member
doctorofcredit
Posts: 35
Registered: ‎10-21-2013
0

Getting A Free Score When You Apply For A Mortgage?

I've seen numerous blogs post about getting a free FICO when you appy for a mortgage. 

Apparently this happens regardless of adverse action being taken against you, so it doesn't come under FACTA. Just wondering what legislation it does come under (most blog say it's due to legislation put into affect around 10 years ago, so it can't be the FCRA either). What score do mortgage lenders need to provide you with? Just the scoring models they are planning on using on your application? 

TU08 - 823
Regular Contributor
nois
Posts: 121
Registered: ‎07-14-2009
0

Re: Getting A Free Score When You Apply For A Mortgage?

My mortgage lender provided me with a merged credit report which included my FICO scores as well as reports from the three CRAs. Another lender I applied with and was approved but did not complete the loan with also provided my FICO scores. In both instances the EQ number they reported was the same as shown here at MyFICO.

FEB 2014 EQ: 798 EX: 780 TU: 798
Established Member
doctorofcredit
Posts: 35
Registered: ‎10-21-2013
0

Re: Getting A Free Score When You Apply For A Mortgage?

Any idea what legisilation this is covered by? Can anybody else confirm that the EQ number they report is EQ FICO 04 (same as myFICO)? 

TU08 - 823
Moderator Emeritus
llecs
Posts: 32,869
Registered: ‎08-04-2007
0

Re: Getting A Free Score When You Apply For A Mortgage?

I could be wrong, but I think it falls under the FACTA provisions of the FCRA (FACTA is an amendment of the FCRA). Historically, lenders will provide your tri-merge along with all three scores when you apply for a mortgage.

 

Each lender can pick or choose which FICO scores they want to use in consideration of evaluating credit. They can opt to use the newer versions or older versions. It's up to them. A vast majority of mortgage lenders use:

 

Beacon 5.0 (same as on myFICO) for EQ

Fair Isaac Risk Model v2 for EX (used to be available on here...you can only get it via PSECU...myFICO offers a version that's 10 yrs newer).

Empirica 04 (also called FICO Classic Risk Model 04....6 yrs newer than the version on here). 

 

 


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