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Member
ARM
Posts: 9
Registered: ‎12-28-2007

Re: Transunion and Experian

I'll check with the lendor (Suntrust Mortgage) and let you know.
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ByrdMan
Posts: 7,975
Registered: ‎12-19-2007

Re: Transunion and Experian

Beacon (EQ), Empirica (TU), Fair Isaac (EX) are all FICO models with different algorithms attached to them. I would lay $ that the mortgage lenders use FICO scores, albeit there are many other factors that lenders use to determine eligibility as RobertEG stated.
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Do what is true in spite of the consequences--your future is only as true as you are.
Member
ARM
Posts: 9
Registered: ‎12-28-2007

Re: Transunion and Experian

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.
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haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007

Re: Transunion and Experian



ARM 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.


Yes, but did Suntrust tell you that they pull Vantage rather than FICO? I'm sure that TU and EX would say that they "use" Vantage, because they invented it. Credit bureaus don't actually use credit scores. They just maintain credit records and reports. It is up to the lender which score formula this wish to use from each credit bureau --FICO, Vantage, PLUS, etc.

Sorry, I'm really not trying to argue. I'm just very skeptical of any info that comes from the credit bureaus. They're not pulling the scores. Suntrust is. :smileyhappy:
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
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ByrdMan
Posts: 7,975
Registered: ‎12-19-2007

Re: Transunion and Experian



ARM 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.


ARM, actually you are still a bit confused about this. The Vantage scores are what you are sold when YOU purchase your score from EX & TU. 90% of banks subscribe to FICO. The mortgage lender will use your middle FICO score (meaning the median score) of the three FICO scores. So, when a mortgage lender pulls your credit reports and pulls a score, it will be your FICO score. In fact, the new law states that they have to provide you the credit scores associated with your loan request. I will lay dollars to donuts that you will see the following. The names of the versions/models are different for each CRA--TU (Emperica), EQ (Beacon) EX (Fair Isaac). Rest assured, all of these are FICOs. Vantage is a collaboration that TU & EX have come up with to try to overthrow the almighty FICO. It will be a long time before something like that happens.
___________________________________________________________________
Do what is true in spite of the consequences--your future is only as true as you are.
Member
ARM
Posts: 9
Registered: ‎12-28-2007

Re: Transunion and Experian

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?
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ByrdMan
Posts: 7,975
Registered: ‎12-19-2007

Re: Transunion and Experian



ARM 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?


ARM, precisely what I did is as follows. At the end of November, I applied for a mortgage. I have the scores in my siggy from my lender (11/29/07). I signed up for SW on 12/12/07 and received my scores, which were the same (as no other information had updated). On 2/1/08, I got a SW alert telling me that my EQ had gone up 26 points. I followed the thread to discover my score was now 768. I called my lender and asked what my scores were and he told me the scores that you see in my siggy now.

I am not only speaking from this experience over the past few months, I am speaking from roughly 15 years of experience working as a banker. The FICO score from your lender and the FICO score from myfico.com are EXACTLY the same. This goes for the applications that you take at your local bank or CU as well. The only difference being that they might only use one of the three CRAs.

Hope this helps.
___________________________________________________________________
Do what is true in spite of the consequences--your future is only as true as you are.
Member
ARM
Posts: 9
Registered: ‎12-28-2007

Re: Transunion and Experian

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.
Moderator Emeritus
ByrdMan
Posts: 7,975
Registered: ‎12-19-2007

Re: Transunion and Experian



ARM 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.


ARM, the "other two scores" are also FICO scores.
___________________________________________________________________
Do what is true in spite of the consequences--your future is only as true as you are.
Member
ARM
Posts: 9
Registered: ‎12-28-2007

Re: Transunion and Experian

This is understood. And you confirmed that mortgage lenders use all three FICO scores to determine creditworthiness, regardless as to what algorithm is used by Transunion and Experian, which, according to them, Vantage is the one of choice, right? In order words, you pulled identical scores from the bank and this website (at least two times), the all three scores were identical.

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