Lenders see different scores than consumers do
04-23-2011 04:06 AM
I have been trying to work on raising my score (was lowered 2 years ago due to a cut in pay) I was able to secure a new Job in early 2010 for a higher salary and started monitoring my scores through Equifax, Experian and Transunion. I eventually got them all raised high enough to apply for a mortgage loan.
My scores were:
Transunion: 752 (don't understand why this one is so much higher)
However when the lender pulled a merged credit report required in the mortgage business the scores were:
When I questioned the lender, he said that the scores we see when purchasing the products from the credit bureaus its completely different from the mortgage report cores, (they are much lower) and the car reports a dealer or leasing company would pull are lower yet.
So it seems a complete rip off to pay to see a score which has not much to do with what lenders get! I feel like Ive been completely ripped off. I pay 10.00 a month for a service that alerts me if someone tries to use my identity, and was subscribing to the 2 credit bureaus so I could make sure my score was high enough for a loan. (I have to go with an FHA)
I also noticed if I pay for the 3 in 1 scores, they are never correct either. For example I subscribed with Transunion 3 in 1, and it shows my Equifax as a 25 point difference and Experian at 15 points difference.
What a rip off all the way around. Im furious, feeling we are being fed a line of BS just so these companies can have a new market to sell to!