Re: Lenders see different scores than consumers do
08-07-2012 12:34 PM
I am experiencing the same frustration as the OP. I went to a Neighborhood Lift function, hoping to get some down payment assistance and apply for a mortgage. I pulled my score through myfico.com the day before, and it was 636. When I spoke to a mortgage broker, she told me my score was 590! This was the difference between easily qualifying for a loan and having some work to do. She also gave me the same BS about "what we pull is different than what you pull", but when she showed me what was on her report (she used a company called Rescredit), it had everything I saw on my credit report, except for one big error-a tax lien that I had paid off 6 years ago did not reflect that. This is in the process of being corrected, but the fact is, I should be able to get exactly the same score as a lender does, and to not do so is unfair and unethical. It's like not being able to access your medical records. This whole system is flawed, and we need legislation to correct it. Being debt-free is not rewarded; to get a high credit score, you need loads of credit that you make on-time payments to. I have a small amount of credit that I make on-time payments to, and have been priding myelf on being frugal and careful after some really bad problems 4- 6 years ago (business failure, spouse's unemployment, and all that comes with it). It angers me to no end and I am going to do my damndest to get this changed.