Creditors Review vs My Review

[Anonymous]

We (as in my husband) purchased investment property in January, however, when the bank pulled up or credit score they had scores different than what we had.  My score from EQ was (still is as of today) 781, with TU it is 760 and the same with EX.  My husbands score were mirrored to mine.  Why would the bank have a different score than we would.

I checked my score Tuesday and the numbers have not changed however, when I was speaking with the lender (Countrywide) the numbers they were looking at was not the same.

Would creditors see something totally different then the consumer? 

Message Edited by Higbie14 on 05-03-2007 04:48 PM

[Anonymous]

Almost every industry "plays" a bit with the numbers. Certain things get weighted more heavily if it's a car loan versus a first home loan versus a refi versus a loan on investment property.

[Anonymous]

Mortgage companies get an extremely detailed credit report. Also CW uses a different type of credit report.

[Anonymous]

Assuming the numbers they are using are FICO's, there is a slew of various industry-enhanced score formulas. The FICO's you get on this site are just the most general formula ones.

[Tuscani]

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okrogius wrote:

Assuming the numbers they are using are FICO's, there is a slew of various industry-enhanced score formulas. The FICO's you get on this site are just the most general formula ones.

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CW is not using FICOs. MyFICO is the ONLY place you can get all three FICO scores. EQ is the only CRA that sells a FICO score directly.

[Anonymous]

"CW is not using FICOs. MyFICO is the ONLY place you can get all three FICO scores. EQ is the only CRA that sells a FICO score directly."

If you read the OP's post, you'll notice that CW is the lender. Lenders quite often disclose the scores they obtain to their clients (although the ethicalness or even legality of this can be argued - but I don't have access to such an agreement to base this on anything concrete).

I appreciate the parroted back quick posting informing of the self-evident places for consumers to buy fico scores, although it's completely irrelevant.

Now if you have some concrete data on whether that particular lender is using FICO's, their own formulas, or something else, please do share.

Message Edited by okrogius on 05-05-2007 01:14 AM

[Tuscani]

I interrepted CW as CreditWatch who would use FAKOs. CountryWide certainly does use FICOs. My apologies.