Re: Lenders see different scores than consumers do
04-02-2012 10:38 AM
Yes, I did mean Equifax (another sort of confusing issue, that two of the three credit agencies start with "e"....
I literally went down to the bank immediately after paying for and printing the scores. The lender, when I pointed out that I had just pulled
the scores I was showing him, said, "Nah, lenders get differnt information and scores than you as a consumer do. They're not the same." He was completely
dismissive of the scores I pulled through myFICO, as if they were utterly bogus.
Thanks for your response.
That lender just showed he is ignorant, which is all too common. There are many different lender scores and many different consumer scores. Some of them are the same. Most are different. It is hard to find a good mortgage loan provider but if that one is that bad, you might want to look for a better one.
A mortgage lender is most likely to pull a very specific score from each CRA. You can do a search here and get lots of info on that as well as the reasons that mortgages are so consistent. myFICO is rare in that they are giving you the exact EQ score that is used. They also give you a similar score from TU, although everyone wishes they would give you the exact TU score. They used to give you the exact EX score until EX made it unavailable.
Based on the fact that most mortgage lenders qualify you based upon your middle score and you know EQ exactly and have a rough idea of TU, that means EX is likely to be much lower than the other two. A good place to start is to look at your report from EX, ignoring their useless score, and work on getting better information on that report.