topic Re: Which reporting agency to car dealers usually use? in Auto Loans

Which reporting agency to car dealers usually use?

SecondToLastDraftDodger — Mon, 20 Nov 2023 08:41:17 GMT

I ask because the there's a difference in auto scores. EXP and EQ socre me at just a bit over 700 and TU scores me at almost 800 (TU includes an old closed account the EXP and EQ don't, giving me a significantly longer credit history on the TU score).

It seems I read once that car dealers will take whichever score is highest. Obviously, I would like the TU to be the score they use. Is there any way to ensure this? Or is it just luck of the draw?

Re: Which reporting agency to car dealers usually use?

FireMedic1 — Mon, 20 Nov 2023 10:44:40 GMT

https://ficoforums.myfico.com/t5/Auto-Loans/Auto-Loan-Approvals/td-p/6573136

Re: Which reporting agency to car dealers usually use?

Brian_Earl_Spilner — Mon, 20 Nov 2023 15:16:57 GMT

It depends on the lender. Credit Unions like to use EQ, but can use others, for example. So my pre-approval with NFCU was a EQ pull. I ended up financing with LFS and they pulled all my scores and financed me using the highest score. I did, however, tell the dealer to not shotgun me since I already had 2 approvals and my reports were frozen. They felt they could beat my rates with captive financing and I thawed them for a single pull. They were right.

Re: Which reporting agency to car dealers usually use?

dunn2500 — Wed, 13 Dec 2023 00:18:31 GMT

they all use different ones, its up to the bank and who they use

Re: Which reporting agency to car dealers usually use?

Gladius — Thu, 14 Dec 2023 09:54:13 GMT

When will Auto 10 start being used? Of course all of mine are over 800! smh

Re: Which reporting agency to car dealers usually use?

Horseshoez — Thu, 14 Dec 2023 11:01:29 GMT

@SecondToLastDraftDodger wrote:
I ask because the there's a difference in auto scores. EXP and EQ socre me at just a bit over 700 and TU scores me at almost 800 (TU includes an old closed account the EXP and EQ don't, giving me a significantly longer credit history on the TU score).

It seems I read once that car dealers will take whichever score is highest. Obviously, I would like the TU to be the score they use. Is there any way to ensure this? Or is it just luck of the draw?

As others have said, different dealerships and different financing companies use different bureaus. Last year when I bought my Tacoma the both dealership and Toyota Finance used EX.