@Anonymous wrote:Hi All -
There are significant discrepancies in the report Kroll provided our credit lender and the scores that are being reported by the three major credit agencies. The score from Experein was more than a 100 pts higher than what Kroll shared with our mortgage lender. We've spoken with Experien and with our bank and credit card companies and they didn't see any issues that would cause a score to drop 100 pts over the course of four months (we successfully secured got a home mortgage loan four months ago thanks to good credit).
When we spoke to Kroll's customer service department today, a woman told us that the credit reports by the big three credit companies "don't mean anything" and had no more information to share. If this is the case, and her view represents Kroll's policies, this is a serious issue in America's credit system because it implies that consumers are being misled and have little recourse.
Has anyone else experienced this issue with Kroll? If so, how were you able to resolve it?
Thank you!
...trying to break your post down so I can understand what you are asking
...the scores normally provided directly by the CRAs to consumers are referred to as FAKO scores and should be viewed as of educational value only
...the scores that most lenders use are provided by FICO and are derived from the data in each CRA file
...FICO provides a wide variety of scoring models depending on its customer's requirements ...however, the "FICO" score most consumers see is the FICO 08 model used by most CC and installment loan companies ...the ones you see on myFico if you are a subscriber.
...the other common FICO score used by most mortgage lenders is the FICO 04 model ...most consumers never see these scores until a mortgage lender pulls them ...they tend to run lower than the FICO 08 scores ...usually by ~50 points but it varies widely depending on what the CRs contain ...FICO 04 is a much older scoring model with a long reliability record that mortgage lenders value
...KROLL is a smaller competitor to FICO in the consumer credit risk market ...how it derives its scores is, like FICO, proprietary information and since its customer base is narrow compared to FICO there is not a lot of information on how its scoring models work
...however, that being said, as I noted above, there is usually a significant difference between the common CC (FICO 08) scores you see and the (FICO 04) scores pulled by mortgage lenders
...therefore it would not be a surprise if KROLL followed the same tendencies toward lower scores in its mortgage score models ...hth
