topic Re: Which Tri-Merge Report Provider Is Used By Lenders in Mortgage Loans

Which Tri-Merge Report Provider Is Used By Lenders

veracious — Fri, 01 Jul 2011 19:21:19 GMT

I read on the boards here that lenders seem to use Credco tri-merge reports with scores.

Do lenders use the FICO Mortgage Score or the FICO8 score? What score model is used by Credco ?

Thanks for any replies

ETA: Would a Mortgage enhanced score be used if you have no mortgage history?

Re: Which Tri-Merge Report Provider Is Used By Lenders

incognitony — Fri, 01 Jul 2011 22:16:36 GMT

I have had credit ran through RELS ,Credco and Kroll over the last few days and they all seem to use this:

TU- Classic 04

EQ- BEACON 5

EX- Fair IsaacScore 2

Re: Which Tri-Merge Report Provider Is Used By Lenders

veracious — Fri, 01 Jul 2011 23:31:16 GMT

@incognitony wrote:
I have had credit ran through RELS ,Credco and Kroll over the last few days and they all seem to use this:

TU- Classic 04
EQ- BEACON 5
EX- Fair IsaacScore 2

Thanks incognitony,

You have just confirmed what I was trying to understand. I read on a mortgage lender's website that some lenders use the

"Classic" FICO scores and then make a judgment call or sometimes use their own risk analysis software. And still, other

lenders start with a FICO Mortgage Enhanced score and then run their own risk analysis software.

This is further proof that YMMV when choosing a mortgage lender just as when app'ing for a credit card.

A prudent mortgage applicant should always talk to the lender about which scores and risk analysis they intend to use.

Personally, I feel as though the whole mortgage borrowing process should be standardized for those borrowers who fit a low risk profile.

But in practice , you will find various fees, terms, appraisals, and rates.

In a perfect world, the whole process could be made much easier.

Congrats on your results with the apparent standardized outcome with three different lenders.

Re: Which Tri-Merge Report Provider Is Used By Lenders

203bravo — Sat, 02 Jul 2011 00:44:46 GMT

@incognitony wrote:
I have had credit ran through RELS ,Credco and Kroll over the last few days and they all seem to use this:

TU- Classic 04
EQ- BEACON 5
EX- Fair IsaacScore 2

Same scores pulled from my lenders as well.