Re: Lenders see different scores than consumers do
04-02-2012 08:35 AM
I paid for two myFICO scores from the myFICO website last week, one Experian and the other Transunion. They were 730 and 704 respectively. I printed them up and
took them to a mortgage lender, along with other documents, knowing that they would also pull their own score. The lender pulled scores within an hour later: 675!!!!! - and disappointingly, I was told to "sit tight for a while longer" and get "a longer paid on time history" - though mine is four years since any late payment. I was told that I wouldn't want to pay the high interest on a loan (that the bank wasn't actually even offering, based on that 675 score....)
How can the scores that consumers pull be so "off"? What a waste of money!!!! I feel completely misled by what appeared as the expensive myFICO scores.
I am outraged at the SECRECY and CONFUSION surrounding this jumble of differing formulas and calculations. The same information appears in each of the three
reporting agencies on me, as I have spent years honing it to be accurate, yet the scores vary wildly. What a crock!