topic Re: Lenders Don't Use FICO?? in Mortgage Loans

Lenders Don't Use FICO??

Anonymous — Sat, 16 Jan 2010 23:11:16 GMT

Wow - After I have spent some time now fixing my credit and going by my Fico scores here on MyFico, I just learned that the Lender I am planning to use for my mortgage loan doesn't even use them! Is this common?

I asked if I could send her my scores from this site and my TU/EQ reports from here to help with the pre-qual process so she didn't have to do a hard pull. Then she says to me that it wouldn't matter b/c she pulls a "tri-merge" report that is different from what I see on here - and that the scores they get from this tri-merge is different than the Fico scores I monitor anyways.... very interesting...

Anyone have knowledge about this that they can share? Thanks!

Re: Lenders Don't Use FICO??

Anonymous — Sat, 16 Jan 2010 23:14:09 GMT

lenders can not accept FICO scores from you as it would be too easy to fake them

Tri-Merge is a report pulled by an outside company the combines the info from all three FICO reports, but it is FICO. The difference is that some lenders use a newer scoring system that MYFICO has not updated to yet so there can be minor differences in the scores.

Re: Lenders Don't Use FICO??

Jazzzy — Sun, 17 Jan 2010 01:44:32 GMT

@Anonymous wrote:
lenders can not accept FICO scores from you as it would be too easy to fake them

Tri-Merge is a report pulled by an outside company the combines the info from all three FICO reports, but it is FICO. The difference is that some lenders use a newer scoring system that MYFICO has not updated to yet so there can be minor differences in the scores.

Hi mickie...can you help me understand CBC Innovis? Am I correct that they are a credit reporting agency?

We got a HELOC in May 2008. I see an inquiry on my husband's Equifax report from CBC Innovis. The next day on all of our reports is an inquiry from Birchwood Credit. I can't say for sure that the CBC Innovis inquiry had to do with our HELOC, but that inquiry was the day before Birchwood Credit, which I know was for the HELOC.

I was curious...if CBC Innovis is a credit reporting agency, then why would they pull an Equifax report on just one of us and pull no other reports? It's possible this wasn't even related to the HELOC, but I'm still wondering why one credit reporting agency would pull from another. This was a hard inquiry.

Where does the tri-merge report come from? Which company?

Message Edited by LynetteM on 01-16-2010 05:44 PM

Re: Lenders Don't Use FICO??

Anonymous — Sun, 17 Jan 2010 01:32:42 GMT

My lender did the same report but the difference in the FICO I had just pulled and the FICO number they pulled for one of the companies was almost 60 pts lower. I was shocked!

Re: Lenders Don't Use FICO??

DallasLoanGuy — Sun, 17 Jan 2010 02:22:47 GMT

JenThompson777 wrote: Then she says to me that it wouldn't matter b/c she pulls a "tri-merge" report that is different from what I see on here - and that the scores they get from this tri-merge is different than the Fico scores I monitor anyways.... very interesting...

they might be a tad different. but the scores you get here are the closest you can get yourself.

they pull a mortgage enhanced fico score.

hope there arent any credit issues..... your loan officer knws less than u do

Re: Lenders Don't Use FICO??

DallasLoanGuy — Sun, 17 Jan 2010 02:26:10 GMT

@LynetteM wrote:
@Anonymous wrote:
lenders can not accept FICO scores from you as it would be too easy to fake them

Tri-Merge is a report pulled by an outside company the combines the info from all three FICO reports, but it is FICO. The difference is that some lenders use a newer scoring system that MYFICO has not updated to yet so there can be minor differences in the scores.

Hi mickie...can you help me understand CBC Innovis? Am I correct that they are a credit reporting agency?

We got a HELOC in May 2008. I see an inquiry on my husband's Equifax report from CBC Innovis. The next day on all of our reports is an inquiry from Birchwood Credit. I can't say for sure that the CBC Innovis inquiry had to do with our HELOC, but that inquiry was the day before Birchwood Credit, which I know was for the HELOC.

I was curious...if CBC Innovis is a credit reporting agency, then why would they pull an Equifax report on just one of us and pull no other reports? It's possible this wasn't even related to the HELOC, but I'm still wondering why one credit reporting agency would pull from another. This was a hard inquiry.

Where does the tri-merge report come from? Which company?
Message Edited by LynetteM on 01-16-2010 05:44 PM

cbc pulls all three reports. puts them in a tri-merge format(industry standard format) then applies the fico score, then delivers report to lender.

they provide this service because big three dont want to deal with a hundred thousand differentloan officers.

many companies provide this service. cbc has no control over your reports or scores.

Re: Lenders Don't Use FICO??

Anonymous — Sun, 17 Jan 2010 02:53:31 GMT

@DallasLoanGuy wrote:
JenThompson777 wrote: Then she says to me that it wouldn't matter b/c she pulls a "tri-merge" report that is different from what I see on here - and that the scores they get from this tri-merge is different than the Fico scores I monitor anyways.... very interesting...

they might be a tad different. but the scores you get here are the closest you can get yourself.

they pull a mortgage enhanced fico score.

hope there arent any credit issues..... your loan officer knws less than u do

Yeah, she's pulling my reports for the first time this weekend to look over. I do have some credit issues and she asked me about them, stating that since the collections are over 12 months old they won't be a problem - and other negatives that I have (lates) will probably be looked-over because they will do a "streamlined" application process if my mid-score is over 620 (USDA loan). Hopefully she's right about that.

Re: Lenders Don't Use FICO??

Jazzzy — Sun, 17 Jan 2010 03:34:23 GMT

@DallasLoanGuy wrote:
@LynetteM wrote:
@Anonymous wrote:
lenders can not accept FICO scores from you as it would be too easy to fake them

Tri-Merge is a report pulled by an outside company the combines the info from all three FICO reports, but it is FICO. The difference is that some lenders use a newer scoring system that MYFICO has not updated to yet so there can be minor differences in the scores.

Hi mickie...can you help me understand CBC Innovis? Am I correct that they are a credit reporting agency?

We got a HELOC in May 2008. I see an inquiry on my husband's Equifax report from CBC Innovis. The next day on all of our reports is an inquiry from Birchwood Credit. I can't say for sure that the CBC Innovis inquiry had to do with our HELOC, but that inquiry was the day before Birchwood Credit, which I know was for the HELOC.

I was curious...if CBC Innovis is a credit reporting agency, then why would they pull an Equifax report on just one of us and pull no other reports? It's possible this wasn't even related to the HELOC, but I'm still wondering why one credit reporting agency would pull from another. This was a hard inquiry.

Where does the tri-merge report come from? Which company?
Message Edited by LynetteM on 01-16-2010 05:44 PM

cbc pulls all three reports. puts them in a tri-merge format(industry standard format) then applies the fico score, then delivers report to lender.
they provide this service because big three dont want to deal with a hundred thousand differentloan officers.

many companies provide this service. cbc has no control over your reports or scores.

In both my husband's and my three credit reports, there is only one pull from CBC Innovis. It's my husband's Equifax. I think that had to do with the HELOC, but I'll never know. It will fall off in May (been 2 yrs).

I see that Birchwood Credit does a trimerge credit report, and I see their hard pulls on all of our reports. Do trimerge reports calculate one FICO score, or do they provide three FICO scores?

Re: Lenders Don't Use FICO??

Anonymous — Sun, 17 Jan 2010 05:00:55 GMT

Do trimerge reports calculate one FICO score, or do they provide three FICO scores?

I had one lender provide me the tri-merge that they pulled, a while back, and it had three scores on it.

Re: Lenders Don't Use FICO??

Anonymous — Wed, 20 Jan 2010 19:52:33 GMT

Just had a "tri-merge" report pulled a few weeks ago for a loan pre-approval. It had 3 scores and they were very similar to the scores I got at MyFico, if not the same.

Re: Lenders Don't Use FICO??

Anonymous — Sat, 12 Jun 2010 16:30:38 GMT

I also had a tri-merge just pulled 2 days ago. My EQ was the same as I pull on here at 635. My TU was different 697 versus 671 on here, but definately not complaining!! Also my EX, which I was clueless about and just figured I would go with EQ 635 as being my middle, was suprisingly much much better than I thought. Woohoo!