Online Score/Lender Report Score

[Anonymous]

I am in the process of getting a loan for a home, first time buyer. I knew that as of last year my credit score was not great, mostly because of lack of extensive credit history, and I had some late payments on one credit card. All this aside, I worked hard at keeping up with everything, and I started monitoring my credit score online, via Equifax. It is a 3-1 FICO score monitor, and as of February my FICO score had gone up to 673, now it is showing as 694. I was pretty happy with this, until I called a local lender to get started on getting pre-approved for the loan. The loan officer gathered all my information, and then after getting my credit report, called me back to tell me that my median score was 595! She is sending me a copy of the report, so I should receive that soon. I can't imagine why this is so drastically different than the score that I've been monitoring online. Any idea as to what I should do? Should I be contacting FICO? Equifax? Or is it possible that there are discrepancies on the credit report that the lender received?

[Anonymous]

You have 3 FICO scores.

One based on data from each of three credit reporting agencies-- TU, EQ, and EX.

You can purchase your EQ and TU FICO here. EX no longer allows direct access to your FICO score.

Median = middle score.

If your median score is 595, it means that one of your scores is 595, the other is higher, the last is lower.

[Anonymous]

Is it that typical that one would be 100 points higher than another though?

[Anonymous]

Depends on the data on each report.

Do you have a current copy of all 3 reports?

If eligible, pull your free annual reports -- see link below.

Before buying scores here, google for "myFICO discount code". Save a few $$.

[Anonymous]

If you were getting your scores from a credit monitoring product, you were probably looking at FAKO's, not FICO scores.  That's probably why the discrepancy...they are very, very off in most cases.

[Anonymous]

The credit monitoring is through Equifax, and it is FICO. That was the first thing I made sure of when I encountered this problem. I guess I am just going to have to wait and see what the report that the lender received looks like. This has just sort of sent me into a panic, because it worries me as to how much longer it might take if this entire time my score has been in the 500's.

Message Edited by natasrock on 04-01-2009 09:04 AM

[Anonymous]

Look at the reports they send you closely.

It should state FICO scores if they are FICO scores. It may even state the version.

If not, call the lady back and ask if they are FICO scores and if she knows what version they use.

[Anonymous]

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@Anonymous wrote:
The credit monitoring is through Equifax, and it is FICO. That was the first thing I made sure of when I encountered this problem. I guess I am just going to have to wait and see what the report that the lender received looks like. This has just sort of sent me into a panic, because it worries me as to how much longer it might take if this entire time my score has been in the 500's.

Message Edited by natasrock on 04-01-2009 09:04 AM

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I thought just the EQ score was a FICO and the other two were FAKO?  Maybe I'm wrong, but I could swear that's what I have read. 

In any case, sorry you are going through this. 

[Anonymous]

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UpUpUp wrote:

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@Anonymous wrote:
The credit monitoring is through Equifax, and it is FICO. That was the first thing I made sure of when I encountered this problem. I guess I am just going to have to wait and see what the report that the lender received looks like. This has just sort of sent me into a panic, because it worries me as to how much longer it might take if this entire time my score has been in the 500's.

Message Edited by natasrock on 04-01-2009 09:04 AM

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I thought just the EQ score was a FICO and the other two were FAKO?  Maybe I'm wrong, but I could swear that's what I have read. 

In any case, sorry you are going through this. 

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You are correct.

[Anonymous]

Okay- I have an update on this.

I got the scores that the lender was seeing. TU 594 EX 595 EQ 694

I tried to see what could be causing the two lower scores to be so much lower than Equifax, but it was kind of hard to tell exactly what made them so much lower. The biggest thing I can think of is that the TU and EX reports list a code 038, serious delinquency. I did have some past due payments in the past on a CC, but that was over a year ago. Is 038 a code that means they are reporting that I have a current account delinquent? Anyone have any ideas as to why these scores are so drastically different? Thanks in advance.