My future landlord sees a different score for TransUnion than I do

[Anonymous]

I applied for an apartment.  I checked my score the same day as my future landlord.  He got a score in the 500s while I got a 646.

Any ideas how this could happen?  He's still going to rent to me because other than the score, he found exactly what I told him he'd fine.  But why would I get a different score than he did?

[Anonymous]

He wasn't pulling an actual FICO score. He was pulling Vantage or something like that.

[Anonymous]

It is my understanding that FICO is for those who wish to extend you credit. There are other scoring systems that are more suitable for landlords trying to assess whether you will pay the rent on time. The scores on the scoring systems the landlords use would most likely emphasize making payments on time, especially in the last few years and would also look at how big your monthly minimum credit card payments are. They could use this number and see if you are overextended (i.e. compare your reported income with your credit card minimum payments and the rent you have to pay to see if you realistically can make the rent payments without struggle). Other things like number of inquiries and the number & types of loans you have would probably be treated differently as well.

[haulingthescoreup]

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@Anonymous wrote:

I applied for an apartment. I checked my score the same day as my future landlord. He got a score in the 500s while I got a 646.

Any ideas how this could happen? He's still going to rent to me because other than the score, he found exactly what I told him he'd fine. But why would I get a different score than he did?

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It is also possible that he is using a newer version (not FICO 08) of TU. myFICO doesn't use a new score formula until it's in use by more than half of lenders, and it's in the process of changing over now. But I doubt that there would be such a difference. And of course, it could well be a FAKO.

Can you persuade the future landlord to let you have a peek at the report? Or at least get them to tell you the exact name of the report (TransRisk, etc.) The problem is that many creditors, especially landlords, etc., aren't aware of the umpty-diddle number of different scoring systems, so they just call it "your TU score."

They're just as confused as we are!

[Anonymous]

I've asked for a copy of his report and he agreed to give me a copy.  I'll update the post when I get it.

[fused]

I agree with hauling, it could be a number of TU scores. It might be FICO TU 04, which is readily available to lenders, banks and CCCs but is not available at this site yet.

Message Edited by fused on 04-24-2008 06:29 PM

[RobertEG]

FICO is NOT, in any way,  a measure of how much you can extend your credit, or an incentive to extend debt.     It is simply a risk analysis of your proven ability to pay on your credit obligations in the next two years.  Income is excluded. So, ergo it is lacking in pament potential based on resources.  That is not its intent.   It is your proven history to timely pay what you owe, regardless of income or resources.  Period.

FICO rightfully requres prior debt payment history sinply because that is what it is.  A scorecard on timely payment of credit, and not financial soudness.

Message Edited by RobertEG on 04-24-2008 11:50 PM

Message Edited by RobertEG on 04-24-2008 11:57 PM