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anderson2624 wrote:

 

Seem quite ODD. 

 

Merryl Lynch is potential lender.  Does anyone understand how a lender can manupulate the score.  Certainly with a low score they can charge a higher rate and even more fees.

 

PLEASE someone EXPLAIN.

 

Any laws out there to protect us?

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I don't think there's much of a difference between a 763 and 713 when it comes to rates... but that is odd unless they are using their own inhouse score

Myfico uses the TU98 model where as most lenders use the TU04 so even though the are both FICOs the are different models which can cause a variance. And what would you want the law to be?

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beb86 wrote:
Myfico uses the TU98 model where as most lenders use the TU04 so even though the are both FICOs the are different models which can cause a variance. And what would you want the law to be?

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+1 ^^^exactly

Locked thread to direct others here:

 

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/FORGET-fico-score-NOT-used-by-Mtg-Lenders...