myFico vs CBC INNOVIS

[georgeramosjr]

Hello all my wife and I applied ofr a mortgage yesterday and wanted to just give an example of what myfico reported and what CBC INNOVIS reported, which is a 3rdparty credit agency mortgage companies use. My mortgage company will be pulling scores from CBCINNOVIS.

myFico:

Experian:658

Equifax:694

Transunion:640

CBC INNOVIS:

Experian:630

Equifax:700

Transunion:698

CreditKarma:

Transunion:696

Just wanted to give an idea of how the scores vary and what one could expect.

[Anonymous]

I believe of the scores sold on MyFico, only the EQ 04 one is used in the mortgage business, so it's not surprising that the scores don't match.

[georgeramosjr]

Does that mean the 630, my lowest schore, is what will be used to determine if I qualify for a mortgage?

[Anonymous]

I'm not an expert on mortgages, but I believe the idea is to pull all three 04 scores, and use the middle one.

http://www.doughroller.net/credit/which-fico-scores-do-mortgage-lenders-use

[georgeramosjr]

Forgive me as I'm new to this. I assume that CBC INNOVIS provides the 04 scores?

[Anonymous]

I don't know what CBC Innovis does, but mortgage scoring tends to be standardized.

One reason for the standardization is that mortgages are bundled into investment products, and I think there's a desire to quantify the level of risk associated with the bundles.

[AndySoCal]

Mortgage lenders  usually pull Equifax Becaon 5.0, Trans Union FICO 2004,  and Experian FICO V2  and it is the middle score that is used.