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@Anonymous wrote:
Hello, I've been confirmed by Suntrust Mortgage that mortgage lenders typically use the middle score between all three agencies to determine creditworthiness. After contacting Transunion and Experian, both agencies confirmed that they use VANTAGE, not FICO. They also mentioned that Equifax might be converting over to VANTAGE soon (but wasn't able to tell me when). Unfortunately, I couldn't find a website that monitors VANTAGE scores, like we are able to do with this FICO website. Transuion's TrueCredit, applies their own algorithms, and I couldn't find an Experian product. So, in terms of mortgage lending, FICO scores are only used with Equifax, while VANTAGE scores are reviewed as well. With that said, credit card companies, for instance, might use one of the three, if not all credit bureau agencies, to determine creditworthiness.
@Anonymous wrote:
Hello, I've been confirmed by Suntrust Mortgage that mortgage lenders typically use the middle score between all three agencies to determine creditworthiness. After contacting Transunion and Experian, both agencies confirmed that they use VANTAGE, not FICO. They also mentioned that Equifax might be converting over to VANTAGE soon (but wasn't able to tell me when). Unfortunately, I couldn't find a website that monitors VANTAGE scores, like we are able to do with this FICO website. Transuion's TrueCredit, applies their own algorithms, and I couldn't find an Experian product. So, in terms of mortgage lending, FICO scores are only used with Equifax, while VANTAGE scores are reviewed as well. With that said, credit card companies, for instance, might use one of the three, if not all credit bureau agencies, to determine creditworthiness.
@Anonymous wrote:
Have you compared your FICO scores here on this website with the traditional request of asking for your scores from all three agencies via mail? Do they differ? If you walk into a bank, and apply for a mortgage, with your FICO scores from all three agencies in-hand, how does those scores compare with the scores the mortgage lendor retrieves while in his or her office?
@Anonymous wrote:
This does help. As of today, I didn't go through the exercise of comparing the three scores from the lender (mortgage company) and this website. I knew that the FICO score would be the same, but wasn't sure of the two other scores. Since you've already done this, this is the information I needed from the beginning of this thread. Again, I appreciate the info.