Mortgage Loan Score Diff than Fico Score!?

[SSgtUSMC]

I reviewed my FICO scores here on 12/25(TU:722 & EQ: 697) due to submitting for a Mortgage Loan and just wanted to verify my scores(I had last checked them on 12/8 and there was no change to them).  My loan was appoved(preliminary) and I received a "Disclosure of Credit Score Information" which lists all 3 credit scores and there is a difference on my TU score.  The scores listed on the form are:

Equifax: 697(same as FICO)

Experian: 684

TransUnion: 682(FICO has 722)

These scores were pulled on 12/23 so the scores shouldn't be lower than the ones I pulled 2 days later, or should they(TransUnion)

Any and all assistance is greatly appreciated!

Semper Fi!

[AndySoCal]

Ask your lender which model of TU FICO score was used on the credit ? It may be score model difference.

[RobertEG]

There is no such thing as a single "FICO score" based on data with any CRA.

Fair Isaac markets dozens of different scoring models, tailored to the needs of their divergent customers, such as each CRA, which are the scores you can get, but also tailored to the needs of various specialized lendors, such as auto and mortgage lendors.  These are not available to you as the consumer until after you apply for their credit.  Mortgage scores are based on an entirely different scoring model.

[Anonymous]

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@SSgtUSMC wrote:

I reviewed my FICO scores here on 12/25(TU:722 & EQ: 697) due to submitting for a Mortgage Loan and just wanted to verify my scores(I had last checked them on 12/8 and there was no change to them).  My loan was appoved(preliminary) and I received a "Disclosure of Credit Score Information" which lists all 3 credit scores and there is a difference on my TU score.  The scores listed on the form are:

Equifax: 697(same as FICO)

Experian: 684

TransUnion: 682(FICO has 722)

These scores were pulled on 12/23 so the scores shouldn't be lower than the ones I pulled 2 days later, or should they(TransUnion)

Any and all assistance is greatly appreciated!

Semper Fi!

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As Andy SoCal posted, see if the lender's report specifies which version of TU Fico score was used. The score sold by MyFico to consumers is a 1998 version scoring model. When there is a discrepancy, it is often because the lender's score was the 2004 version, and the 2004 version score seems to be lower than the 1998 version a majority of the time. Differences of 30 points either way are not uncommon, and differences of 60 points have been reported. It is one of the most common gripes with MyFico's score products, and there are many threads here and elsewhere from people who were surprised by the discrepancy. There are a large number of Fico score variants, but the vast majority of people who accurately compare their purchased scores with their mortgage lender's scores found that the EQ scores matched (and prior to February, the EX scores matched), while the TU scores only matched sometimes, with the most frequent confirmed cause being the 1998 vs. 2004 difference ...

[Jazzzy]

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@Anonymous wrote:

As Andy SoCal posted, see if the lender's report specifies which version of TU Fico score was used. The score sold by MyFico to consumers is a 1998 version scoring model. When there is a discrepancy, it is often because the lender's score was the 2004 version, and the 2004 version score seems to be lower than the 1998 version a majority of the time. Differences of 30 points either way are not uncommon, and differences of 60 points have been reported. It is one of the most common gripes with MyFico's score products, and there are many threads here and elsewhere from people who were surprised by the discrepancy. There are a large number of Fico score variants, but the vast majority of people who accurately compare their purchased scores with their mortgage lender's scores found that the EQ scores matched (and prior to February, the EX scores matched), while the TU scores only matched sometimes, with the most frequent confirmed cause being the 1998 vs. 2004 difference ...

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Where is the 2004 scoring model available for purchase? Is this the score that can be purchased at transunioncs.com?

[llecs]

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LynetteM wrote:

Where is the 2004 scoring model available for purchase? Is this the score that can be purchased at transunioncs.com?

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Nowhere.

Only your lender has access to that score. Transunioncs sells the same TU98 as here.

BTW, I think the stall comes not from FICO, but from TU, as it is TU who owns the data. Seems like that was the case.

[Anonymous]

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@llecs wrote:

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@LynetteM wrote:

Where is the 2004 scoring model available for purchase? Is this the score that can be purchased at transunioncs.com?

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Nowhere.

Only your lender has access to that score. Transunioncs sells the same TU98 as here.

BTW, I think the stall comes not from FICO, but from TU, as it is TU who owns the data. Seems like that was the case.

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Yeah, that's a bummer - the information when you buy your "FICO" score is very misleading. I can only try to guess how many people thought they were monitoring their TRUE <-----subjective FICO and trying to buy a house when their 'score' hits a certain threshold, only to be surprised when the lender tells them they don't qualify.

myFICO makes no effort to inform you that, "HEY - you are about to spend money on a score/monitor that most lenders probably don't use anymore and your score that the lender uses to evaluate you may be dramatically different, even though we advertise that you are going to purchase your "True FICO" score that "most lenders use"<----------??.

Sure, the information is there, somewhere, hard to find and comprehend if you're new, but on the purchase page you find this:

"FICO® Score*
 Your FICO® Score Get your FICO® scores from your choice of Equifax or TransUnion. Each comes with a full explanation of the credit score and how lenders view you. Also includes an explanation of the positive and negative factors affecting your score."

So in summary, the outdated TU98 you purchase (I doubt I'll renew my subscription when it runs out) is essentially another version of a FAKO. FAKO score being defined as ANY score which will likely be different than one which a lender will use to help evaluate your prospects of receiving a loan and loan rate...

I think myFICO should make a clear disclaimer - Warning, Caution, Note, whatever: The score you about to purchase is the TU98 version, which your lender may or may not use.... you get the idea.

Buyer beware

[MattH]

There is pending legislation that if passed in its current House version would among other things require the CRAs make available to consumers any credit scores they sell to lenders.  The Senate version does not have this provision, and the banking lobby is fighting the entire bill, so this might not come to pass.

[MarineVietVet]

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@MattH wrote:

There is pending legislation that if passed in its current House version would among other things require the CRAs make available to consumers any credit scores they sell to lenders.  The Senate version does not have this provision, and the banking lobby is fighting the entire bill, so this might not come to pass.

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Thanks for the heads up Matt. We'll just have to wait and see.

[llecs]

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bigtim wrote:

So in summary, the outdated TU98 you purchase (I doubt I'll renew my subscription when it runs out) is essentially another version of a FAKO. FAKO score being defined as ANY score which will likely be different than one which a lender will use to help evaluate your prospects of receiving a loan and loan rate...

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This debate has certainly been on here before, but I see it differently. I don't think anyone reading this would consider the TU FICO score via myFICO.com (TU98) a FAKO if their lender pulled TU98. Conversely, would a TU04 be considered a FAKO if the lender did pull TU98? There's still quite a few lenders still using TU98 over TU04, albeit a minority now.

As a consumer, I think FICO, TU (who I suspect is the issue due to their investment in Vantage), or others at play should get off their high horse and hammer out any differences and sell all versions of FICO score on this website or elsewhere. I'd gladly spend $$$ to get that info. Now I'd go broke too, but that's a different issue. I believe there are 9 active versions of FICO scores on all three CRAs (3 each) currently being used by lenders. I can only imagine what my finances would look like after pulling each once or twice a month for both DW and myself.